Justin Sun, the CEO of Tron, recently gave Binance, the world’s largest exchange by volume, his ownership position in Huobi, one of Binance’s main competitors. However, according to an unidentified source acquainted with the situation, Binance declined the offer.
Binance appears to be uninterested in purchasing Huobi owing to claims that the exchange has links to mainland China. According to the insider, Binance does not want anything to do with China. Furthermore, Justin Sun mentioned in an interview around a month ago that Huobi aims to seek a license in Hong Kong and establish a new subsidiary there. The new exchange would simply be Huobi Hong Kong’s Hong Kong branch.
Sun’s participation with Huobi is likewise still unclear to the public. While he has a share in the firm, Huobi was purchased by another company called About Capital in October 2022. Sun, according to Tron CEO reps, has nothing to do with About Capital, while Huobi itself affirmed in January that Sun remains the company’s boss.
Sun denies making any proposals to Binance or the company’s CEO
According to recent rumors, Sun is trying to sell his Huobi interest, but when asked about it, he said: « As much as I enjoy a good April Fool’s Day prank, I must deny the report that @HuobiGlobal is looking for a stake buyer. » Rest assured, Huobi is dedicated to provide our customers with a secure, dependable, and innovative platform for trading and investing in bitcoin. »
According to the unidentified insider, Binance was persuaded to believe that Sun has a controlling share in the competitor exchange. His offer is said to have gone directly to Binance CEO Changpeng Zhao. The offer was made at some time in the previous week, according to the source, but after the claims surfaced, Sun refuted them again on Twitter, indicating that he had not submitted any bids to CZ about the purchase of Huobi. In reality, he said that they didn’t talk about Huobi at all throughout the time period specified.
When questioned about the deal and whether or not its CEO had received any similar proposals, Binance’s spokeswoman stated that they do not have any remark to provide.
Whether or not the offer was made, the stories surrounding it had a negative influence on Tron’s price, which fell from $0.06657 to $0.06552 before srebounding to $0.06651. TRX is now trading at $0.0663.
