Sun refutes the scale of the block: Binance's restrictions on HTX will only affect a portion of clients.
HTX founder Justin Sun publicly commented on the exchange being added to Binance's "blacklist," stating that the imposed restrictions are targeted in nature and will not affect the global client base. According to him, the block applies exclusively to users from the United Kingdom and the European Union, which significantly narrows the scope of the alleged impact.
Sun's statement and Binance's position
Sun issued clarifications on Friday evening, just a few hours after Binance officially notified of restrictions on operations with 11 platforms, including HTX. In his statement, he emphasized that he personally discussed this matter with Binance representatives and confirmed that it concerns only clients within the jurisdiction of the UK and the EU. At the same time, Binance's own official notice lacks any geographical reference—it is addressed to all users without exception, which creates an apparent contradiction.
Key discrepancies and the real picture
An analysis of the situation reveals several important inconsistencies. First, Sun's claim that HTX does not operate in the UK raises questions. According to data from the Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from the UK, placing the platform sixth in British traffic among crypto companies. Notably, HTX closed registration for new British users only after a regulator lawsuit, indicating an actual presence in that market.
Second, the claim about negotiations with British authorities is confirmed. A moratorium is in effect at the High Court of London until August 25, and HTX is indeed in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body similar consultations are being held with, leaving room for interpretation.
Tight deadlines and strategic context
The time frame is extremely tight: Binance will cut off HTX on August 23—just two days before the moratorium in London expires. This creates additional pressure on the exchange at a critical point in the negotiation process. Sun promised that affected users can contact HTX support, and their issues will be resolved on an individual basis.
Expert commentary: The situation demonstrates the growing fragmentation of the crypto market and increased regulatory pressure on major platforms. Sun's statement is an attempt to manage reputational risks, but the lack of clear geographical specification in Binance's notice leaves room for legal conflicts. Investors should closely monitor the development of negotiations with the FCA, as the outcome of this case could set a precedent for the entire industry.