Justin Sun commented on Binance's restrictions regarding HTX: what users need to know
HTX founder Justin Sun defended his platform after Binance imposed restrictions on operations with the exchange. According to him, the block applies exclusively to users from the United Kingdom and the European Union, not all HTX clients. This statement came just a few hours before the deadline set by Binance for August 23.
The essence of Sun's statement
On Friday evening, Sun clarified that he had already held talks with Binance representatives and concluded that it concerns only jurisdictions where HTX does not have official licensing. He emphasized that the exchange does not operate in the UK or the EU, and added that negotiations are already underway with regulators in those regions for a global settlement. Affected users, he said, can contact HTX support, and their issues will be resolved on a case-by-case basis.
Where statements diverge from the facts
However, the official Binance notice contains no geographic clarifications. The exchange addressed all users, warning that operations with restricted platforms may be suspended for compliance checks after the measures take effect. In total, Binance blacklisted 11 platforms, and HTX is just one of them.
Sun's second statement looks more controversial. The UK Financial Conduct Authority (FCA) reports that in 2023, the HTX website was visited 4.6 million times from the UK—the sixth-highest figure among crypto companies by British traffic. At the same time, HTX closed registration for new British users only after a regulator lawsuit. Negotiations with British authorities are indeed ongoing: a moratorium is in effect at the High Court until August 25, and HTX is discussing illegal advertising issues with the FCA. However, Sun did not specify which EU body the negotiations are being held with.
The timeline is extremely tight: Binance will cut off HTX on August 23—two days before the moratorium in London expires.
My analysis: The situation shows how exchanges are trying to balance between global expansion and local regulatory risks. Sun's statements are an attempt to reduce panic among users, but the lack of details about negotiations with the EU raises questions. I recommend that HTX asset holders closely monitor updates and diversify risks in advance, especially if you are in affected jurisdictions.