Sun breaks lances: Binance restrictions for HTX — a targeted strike or a global block?
The situation around HTX and Binance has taken an unexpected turn. HTX founder Justin Sun has issued a public statement aimed at defusing tensions around recent restrictions. According to him, the block imposed by Binance is not global but strictly address-specific, affecting only users from the United Kingdom and the European Union. This is an important clarification that dramatically changes how the whole story is perceived.
Justin Sun's Comment
Sun issued his clarifications on Friday evening, just a few hours after Binance officially announced placing HTX on its blacklist. In his statement, he emphasized that he had personally discussed the matter with Binance representatives. The key point: the restrictions apply exclusively to Binance clients located in the UK and the EU. Sun also noted that HTX does not conduct operational activities in these territories, and negotiations with British and European regulators are already underway.
"I discussed the topic with Binance, and it only concerns Binance users in the UK and the EU. Huobi itself does not operate in the UK or the European Union. Our negotiations with British and European regulators are already in progress," he wrote.
Moreover, Sun promised that affected users can contact HTX support, and the exchange will help resolve issues on an individual basis. This creates the impression that the situation is under control and poses no critical risks to client funds.
Binance's Restrictions and HTX's Position
However, looking at Binance's official notice, the picture appears somewhat different. There is no mention of geographic targeting. The exchange warned all users that transactions with restricted platforms may be suspended for compliance checks after the effective date. A total of 11 platforms were placed on Binance's blacklist, and HTX is just one of them.
Sun's second statement raises questions. The UK Financial Conduct Authority (FCA) claims that in 2023, the HTX website was visited 4.6 million times from the UK — ranking sixth among crypto companies by British traffic. HTX only closed registration for new British users after a regulator lawsuit. The claim about negotiations with British authorities is corroborated: a moratorium is in effect at the High Court until August 25, and HTX is currently in talks with the FCA regarding illegal advertising. 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. This creates intrigue: will HTX manage to resolve issues with regulators before the deadline, or will we witness an escalation of the conflict?
My analysis: It appears we are witnessing a classic game played out in the public sphere. Sun is trying to contain the damage and present the situation as a technical formality, while Binance is acting more firmly, making no exceptions. The real test of strength for HTX will come precisely on August 23, when it becomes clear how effective these "targeted" negotiations have been. I recommend that HTX users in the EU and the UK closely monitor developments and plan their fund withdrawal strategies in advance.