Justin Sun refutes the global nature of Binance restrictions for HTX: analysis of the situation
HTX founder Justin Sun has issued an official statement aimed at clarifying the situation surrounding the exchange being placed on Binance's "blacklist." According to him, the imposed restrictions are not global but strictly local in nature, affecting exclusively users from the United Kingdom and European Union countries. This statement came just a few hours after Binance distributed a notice about blocking operations with a number of platforms, and it was the first public reaction from HTX.
Sun emphasized that he personally discussed this issue with Binance representatives and received assurances that it concerns only clients within the jurisdiction of the UK and the EU. He also noted that HTX does not conduct operational activities in these territories, and negotiations with British and European regulators are already in an active phase. In his address, Sun promised that affected users can contact HTX support, and the exchange will assist in resolving issues on an individual basis.
Binance restrictions and HTX's position
However, my analysis shows that Binance's official notice lacks any geographical reference. The exchange addressed all users without exception, warning that operations with restricted platforms may be suspended for compliance checks after the decision takes effect. In total, 11 platforms fell under the restrictions, and HTX is just one of them.
Moreover, Sun's second statement about not conducting business in the UK 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 that country, placing the exchange sixth in British traffic among crypto companies. Notably, HTX closed registration for new British users only after a regulator lawsuit.
As for negotiations 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, Sun did not specify which European body exactly the consultations are being held with, leaving a number of questions open.
The timing of what is happening is extremely telling: Binance will disconnect HTX on August 23 — just two days before the moratorium in London expires. This creates additional pressure on the exchange and forces it to act within an extremely tight timeframe.
My comment: Sun's desire to localize the problem is understandable — it is an attempt to minimize reputational damage and prevent panic among the global client base. However, the discrepancy between the founder's statements and official regulator data suggests that the situation may be significantly more complex than presented publicly. I recommend that HTX users closely monitor developments and not ignore Binance's official notices.