Reports indicate that around May this year, HTX was sanctioned by the UK and the European Union over allegations of helping Russia evade sanctions. The repercussions are still spreading across the market. To maintain their own compliance standards, major centralized exchanges—including Binance, OKX, Bitget, and Bybit—have reportedly blacklisted or severely restricted transactions involving HTX, enforcing these measures strictly.
As a consequence, direct withdrawals from HTX to these competing platforms now carry a high probability of triggering risk-control freezes, prompting a significant outflow of users. Platform metrics reflect the strain: in June, HTX recorded a total trading volume of roughly $102 billion with a market share of around 2.15%. By August, trading volume dropped to approximately $63.1 billion—a 37% month-over-month decline—dragging its market share down to 1.49%.
For Chinese business operators in Southeast Asia who regularly rely on USDT settlements and cross-exchange transfers, compliance checks across the transaction chain are tightening visibly. Any funds routed through platforms under international sanctions risk being intercepted and frozen, making it essential to carefully monitor source platforms and prevailing compliance risks during routine operations.
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