Binance Rejected Justin Sun’s Offer to Buy His Huobi Stake – Binance, the world’s largest cryptocurrency exchange by volume, recently rejected an offer to acquire Justin Sun’s interest in rival exchange Huobi, according to a source with knowledge of the situation.
According to an individual who requested anonymity, Binance was not interested due to allegations that Huobi has ties to mainland China, which Binance wants nothing to do with. Sun stated last month in an interview that Huobi intends to obtain a license in Hong Kong and create a new exchange called Huobi Hong Kong.
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The extent of Sun’s association with Huobi is shrouded in secrecy. In October of last year, Huobi was acquired by a business called About Capital. Sun’s representatives have stated that he is not connected with About, despite Huobi confirming in January that he is the company’s leader.
After a Bloomberg report last week that Sun was attempting to sell his Huobi stock, he equated such rumors to an April Fool’s joke. The insider claimed that Binance has been persuaded to believe that Sun has a majority share in Huobi. In the last week or so, Sun approached Binance CEO Changpeng “CZ” Zhao directly, according to the source.
“I must point out that in the past week or so, I have not proposed any offer to (CZ) regarding the purchase of (Huobi), nor have we even discussed Huobi in the past week or so,” Sun tweeted after this story came out. “We don’t have any comment to share,” a Binance spokesperson said.