Sun refutes the scale of HTX blocking: Binance restrictions will only affect the EU and the UK.
HTX founder Justin Sun has issued an official clarification regarding the exchange's recent inclusion on Binance's "blacklist." According to him, the actual scale of the restrictions is significantly narrower than it might appear at first glance: the sanctions will affect exclusively users from the United Kingdom and the European Union, not the global client base.
The statement came on Friday evening — just a few hours after Binance circulated a notice about suspending operations with a number of platforms. Sun emphasized that he had already held talks with Binance's management and received confirmation that these are targeted measures, not a complete severance of ties.
"I discussed this matter with Binance, and it only concerns Binance users in the UK and the EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already underway," the entrepreneur stated.
Sun also hastened to reassure affected clients: HTX is ready to provide individual support to everyone who contacts customer service to minimize inconvenience.
Where the statement diverges from the facts
Binance's official document contains no geographical specifications. The exchange addressed all users without exception, warning that transactions with restricted platforms may be frozen for additional compliance checks. In total, 11 platforms were subject to the restrictions.
Sun's claim that HTX does not operate in Britain raises reasonable doubts. According to data from the UK Financial Conduct Authority (FCA), in 2023 the HTX website was visited 4.6 million times from the United Kingdom — the sixth-highest figure among all crypto companies by British traffic. Notably, HTX only closed registration for new British users after a regulator lawsuit.
As for the talks with authorities — here Sun's statement finds confirmation. A moratorium is in effect at the High Court of London until August 25, and HTX is indeed in dialogue with the FCA regarding illegal advertising. However, the entrepreneur did not specify which EU body the consultations are being held with.
The timeline is extremely tight: Binance will disconnect HTX on August 23 — just two days before the moratorium in London expires.
My analysis: The situation demonstrates growing regulatory pressure on global crypto platforms. Sun's attempt to localize the problem is more of a PR move aimed at retaining the trust of Asian clients. However, FCA data calls his claims into question, and in the long term HTX will either have to fully legalize in the West or definitively focus on other markets.