San refutes the global nature of Binance restrictions: the issue is only in the UK and the EU
HTX founder Justin Sun has issued an urgent statement aimed at calming panic among exchange users. According to him, HTX being placed on Binance's "blacklist" is not a global block but a targeted measure affecting exclusively Binance clients located in the United Kingdom and the European Union. Notably, in Binance's official notice itself, which I have analyzed, there is no geographical reference whatsoever—the restrictions are addressed to all users without exception.
Details of Sun's statement
Sun made this statement on Friday evening, just a few hours after Binance announced the blocking of operations with 11 payment platforms, including HTX. He emphasized that HTX does not operate in the UK and the EU, and also reported ongoing negotiations with regulators in those jurisdictions to reach a settlement. Sun advised affected users to contact HTX support, promising individual resolution of issues.
Where the statements diverge from the facts
However, my own data suggest that Sun's position does not fully align with reality. The UK Financial Conduct Authority (FCA) recorded 4.6 million visits to the HTX website from Britain in 2023—the sixth-highest figure among all crypto companies in terms of British traffic. HTX closed registration for new British users only after a regulator lawsuit, indicating the presence of an active audience in the region.
The words about negotiations with UK authorities seem plausible: there is a moratorium in the High Court until August 25, and HTX is indeed in dialogue with the FCA regarding non-advertising materials. However, Sun did not specify which EU body the negotiations are being held with, leaving questions open. The key point here is timing: Binance will cut off HTX on August 23, just two days before the moratorium in London expires. This is an extremely tight schedule for a settlement.
My conclusion: The situation looks like a classic example of regulatory pressure, where Binance is acting preemptively, and HTX is trying to minimize reputational damage. However, Sun's statements about the "local" nature of the restrictions look more like an attempt to calm the market than a reflection of Binance's actual policy. Investors should prepare for harsher consequences than just a regional block.