Crypto & Blockchain News

Huobi Is in the Market, But Buyers Are Swaying

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According to unidentified sources, Binance, the world’s largest cryptocurrency exchange, has rejected an offer to buy Justin Sun’s ownership position on rival exchange Huobi.

Sun is a well-known Chinese entrepreneur in the cryptocurrency space, best known for founding Tron, a blockchain-based entertainment company. Binance apparently refused due to allegations about Huobi’s ties to mainland China.

The corporations wanted to stay out of the communist-run country. Sun appears to be aware that this might be a concern for potential buyers. 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 potential buyers, according to a recent Bloomberg story. “I should point out that I haven’t made any offers to (CZ) regarding a (Huobi) purchase in the past week or so, we haven’t even discussed Huobi in the past 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 boss of the company. Sun denied last week that he wanted to sell his interest. Sun compared it to an April Fool’s joke in a tweet on April 1. He promised consumers that Huobi would continue to provide a “safe, reliable and innovative” crypto trading platform.

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

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

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