Huobi Is on the Market, But Buyers Shy Away

2023/04/10 11:23

According to an unidentified source, Binance, the world’s largest cryptocurrency exchange, has turned down an offer to purchase Justin Sun’s ownership position in rival exchange Huobi.

Sun is a well-known Chinese entrepreneur in the cryptocurrency field, best known for founding Tron, a blockchain-based entertainment company. Binance apparently declined owing to allegations about Huobi’s links to the Chinese mainland.

The corporation wants to stay out of the communist-run country. Sun appears to be aware that this may be a concern for potential purchasers. Sun stated in an interview that Huobi intends to open an exchange called Huobi Hong Kong and seek a license there.

Sun has been in talks with possible purchasers, according to a recent Bloomberg story. “I must point out that I have not proposed any offer to [CZ] regarding the purchase of [Huobi] in the last week or so, nor have we even discussed Huobi in the last week or so,” Sun wrote in a tweet.

The extent to which Sun is involved with Huobi is unknown. But there is no doubt that he is the company’s boss. Sun denied last week that he was looking to sell his interest. Sun compared it to an April Fool’s joke in a tweet on April 1. He promised consumers that Huobi will continue to provide a “safe, reliable, and innovative” crypto trading platform.

This is not the first time Huobi has been the subject of purchase speculation. FTX founder and CEO Sam Bankman-Fried stated last year that he would not acquire the exchange.

Bloomberg reported in August that founder Leon Li was considering selling his majority ownership in the cryptocurrency exchange. According to the source, Sam Bankman-Fried and Justin Sun were among the potential investors in conversations with Li.

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Huobi Is on the Market, But Buyers Shy Away

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