Sun, a member of the HTX Global Advisory Board, said on X that he’s closely monitoring the proceedings and expressed confidence that the exchange will work with UK agencies to address their concerns.
“We believe in full compliance with all applicable laws and cooperation with law‑enforcement agencies worldwide,” the cryptocurrency billionaire stated.
Russia Dealings Under Scanner?
The situation escalated after the UK sanctioned Huobi Global S.A.—the corporate entity responsible for managing HTX—for allegedly providing funds, economic resources, goods, or technology to individuals and entities in the Russian financial sector.
Under this regime, the UK can freeze the sanctioned entity’s assets, effectively barring it from any dealings with UK residents.
HTX Says Funds Are Safe
In response, HTX said that Huobi Global S.A. is “distinct” from the online HTX exchange, claiming no impact on global operations or user funds.
“HTX’s global operations remain unaffected, and all user funds are safe. We will continue to monitor the situation closely and provide updates as necessary,” the exchange stated.
HTX also said that the UK’s designation came “without prior notice or any supporting evidence.”
Founded in China in 2013, the exchange had to withdraw from the country following a ban on cryptocurrency trading in 2017.
It later rebranded from Huobi to HTX in December 2023, with the letter “T” symbolizing Tron (CRYPTO: TRX), the Layer-1 blockchain founded by Sun.
Price Action: At the time of writing, HTX was exchanging hands at $0.000002020, down 1.23% in the last 24 hours, according to data from Benzinga Pro.
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