Justin Sun refutes the global nature of the HTX block on Binance: analysis of the situation and consequences for users
HTX founder Justin Sun was quick to clarify the situation regarding recent restrictions imposed by Binance. According to him, the block applies exclusively to users from the United Kingdom and the European Union, not to all exchange clients. This statement came just a few hours after Binance published a notice adding HTX to its blacklist, and it was the first official comment from the platform's management.
Sun emphasized that HTX does not conduct operational activities in these jurisdictions, so the restrictions should not affect the majority of clients. Moreover, he stated that the exchange is already in active negotiations with UK and EU regulators to reach a global agreement. In his message, the HTX founder assured that affected users can contact support, and their issues will be resolved on a case-by-case basis.
Discrepancies in Official Statements
However, if you examine Binance's own notice, the picture looks different. The document makes no mention of specific countries—the restrictions apply to all users without exception. The exchange warned that operations with platforms on the blacklist may be suspended for compliance checks after the decision's effective date. In total, Binance restricted 11 payment platforms, and HTX was included in that list.
This raises a legitimate question: how accurate are Sun's statements? Data from the UK regulator FCA shows that in 2023, the HTX website was visited 4.6 million times from the United Kingdom. This is the sixth-highest figure among all crypto companies in terms of UK traffic. Notably, HTX only closed registration for new UK users after a lawsuit from the regulator. Currently, a moratorium is in effect at the High Court of London until August 25, and HTX is in negotiations with the FCA over unresolved claims related to advertising.
The timeline here is extremely tight: Binance will cut off HTX on August 23—just two days before the moratorium in London expires. Sun did not specify which EU body the negotiations are being held with, adding to the uncertainty.
My analysis: The situation looks like a classic case of divergence between public rhetoric and legal realities. Even if the restrictions formally apply only to the EU and the UK, the reputational damage to HTX could be significant. Amid increasing regulatory pressure in Europe, such incidents undermine trust in exchanges that try to operate on the edge of compliance with local laws. I recommend that HTX users from other regions closely monitor updates—blacklists tend to expand.