Justin Sun commented on HTX being blacklisted by Binance: restrictions will only affect the EU and the UK.
Justin Sun, founder of the crypto exchange HTX (formerly Huobi), has issued an official statement regarding Binance's recent decision to restrict operations with his platform. According to Sun, the measures introduced are narrowly targeted and concern exclusively users from the United Kingdom and the European Union, not all clients of the exchange.
This statement came just a few hours after Binance notified about blocking 11 payment platforms, including HTX, as part of strengthening compliance procedures. Notably, Binance's official notification did not specify particular jurisdictions, which sparked a wave of speculation in the community.
Justin Sun's Comment
In his social media post, Sun emphasized that he had already held talks with Binance representatives and received clarifications. "I discussed this matter with Binance, and it concerns only Binance users in the UK and EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already underway," he wrote.
Sun also added that affected users can contact HTX support, and the exchange will provide assistance in resolving issues on an individual basis.
Where the Statement Diverges from Reality
However, my attention was drawn to some inconsistencies in Sun's statements. First, data from the UK Financial Conduct Authority (FCA) indicates that in 2023, the HTX website was visited 4.6 million times from the UK, placing the platform sixth among crypto companies in British traffic. At the same time, HTX closed registration for new British users only after a regulator lawsuit.
Second, the claim about negotiations with British authorities is confirmed: there is a moratorium in the High Court until August 25, and HTX is indeed in talks with the FCA regarding illegal advertising. However, Sun did not specify which EU body the negotiations are being held with, leaving room for questions.
The timing here is extremely tight: Binance will cut off HTX on August 23 — just two days before the moratorium expires in London. This creates additional pressure on both sides.
My analysis: The situation looks like a classic example of regulatory pressure forcing major exchanges to demonstrate strictness in compliance. However, Binance's vague wording and Sun's attempts to localize the problem suggest that the real scale of restrictions may be broader than publicly acknowledged. I advise HTX users in other jurisdictions to closely monitor updates — such "targeted" measures tend to expand.