San refutes the global nature of the Binance block: restrictions for HTX apply only to the EU and Britain.
HTX founder Justin Sun made an emergency statement aimed at calming panic among exchange users after Binance blacklisted HTX. According to him, the restrictions are not global but strictly regional, affecting only clients from the UK and the European Union.
This statement came just hours after Binance notified about blocking operations with a number of platforms. Notably, Binance's notification itself made no mention of geographic targeting—it was addressed to all users without exception, which sparked a wave of speculation about a full-scale breakdown in relations.
What exactly Sun said
On Friday evening, Sun wrote on social media that he had personally discussed the situation with Binance representatives. He emphasized that the matter concerns only Binance users within the jurisdiction of the UK and the EU. At the same time, he reminded that HTX itself does not operate in these regions, and negotiations with British and European regulators are already underway.
Sun also hastened to reassure affected clients: the exchange is ready to provide individual support to anyone who has encountered issues due to the new restrictions.
Where the statement diverges from the facts
My analysis shows that Sun's words have several weak points. First, Binance in its official notification did not single out any country, warning that operations with restricted platforms may be suspended for compliance checks after the measures take effect. A total of 11 platforms were placed on the blacklist.
Second, the claim that HTX does not operate in Britain looks, at the very least, debatable. 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. The exchange merely closed registration for new British users after a lawsuit from the regulator.
Negotiations with British authorities are indeed ongoing—a moratorium is in effect in the High Court until August 25, and HTX is suing the FCA over illegal advertising. However, Sun did not specify which EU body the negotiations are being held with, leaving questions unanswered.
The timing here is extremely telling: Binance will cut off HTX on August 23—exactly two days before the moratorium in London expires.
My comment: The situation demonstrates how regulatory pressure in Europe is reshaping the crypto market landscape. Even if Binance's restrictions indeed apply only to the EU and Britain, it is a signal for all global exchanges: compliance with local laws is becoming not an option but a strict condition for survival. I recommend HTX users from other regions to remain vigilant and monitor official updates, since Binance's wording leaves room for broader interpretation.