• Binance recently rejected an offer from Tron blockchain founder Justin Sun to acquire his ownership stake in rival exchange Huobi.
• The rejection was reportedly due to rumors that Huobi has ties to mainland China, which Binance wants nothing to do with.
• Sun has denied recent reports that he was trying to sell his Huobi stake, comparing the speculation to an April Fool’s joke.
Binance Rejects Offer From Justin Sun To Buy His Huobi Stake
Binance recently turned down an offer from Tron blockchain founder Justin Sun to acquire his ownership stake in rival exchange Huobi, according to a source familiar with the situation. The rejection was reportedly due to rumors that Huobi has ties to mainland China, which Binance wants nothing to do with.
Sun Denies Reports Of Selling His Huobi Stake
After news of the rejection broke out, Sun took it upon himself via Twitter and denied reports of him selling his Huobi stake, comparing such speculation to an April Fool’s joke. He stated that no offers had been proposed or discussed regarding the purchase of Huobi in the last week or so.
Scope Of Sun’s Involvement With Huobi
The scope of Sun’s involvement with Huobi remains unclear as a company called About Capital purchased it back in October 2020. In January 2021, however, representatives confirmed that he is a leader of the company though it is uncertain what type of role he plays there.
Huobi Hong Kong Exchange
In March 2021, during an interview on CoinDesk TV, Sun revealed that Huawei is wanting to attain a license in Hong Kong and launch a new exchange there called “Huobi Hong Kong”. This could be seen as another attempt for them (Huawei) stay relevant and compete against other crypto exchanges operating within Asia Pacific region.
Binance Believes That Sun Owns A Majority Stake In Huawei
According to the source familiar with this matter, Binance believes that Justin owns majority stake in Huawei which could have likely been one of the reasons for their decision not approve this deal despite having mutual interests (especially looking at current market performance).