Binance Reportedly Refused To Buy Justin Sun’s Stake In Huobi

Justin Sun’s attempts to offload his stake in crypto exchange Huobi have reportedly failed.
Rival exchange Binance reportedly refused Sun’s offer to buy his stake in Huobi.
The Tron founder has claimed that he made no such offers to Changpeng Zhao in the past week.

Justin Sun’s alleged attempts to offload his stake in crypto exchange Huobi have reportedly failed. A new report claims that the Tron founder’s offer to sell his ownership stake in Huobi was rejected by rival crypto exchange Binance.

Justin Sun rejects reports of sale to Binance

According to a report by CoinDesk, crypto giant Binance has refused to purchase Justin Sun’s ownership stake in the rival crypto exchange. A person familiar with the matter revealed that Huobi’s rumored relationship with mainland China made the world’s largest crypto exchange turn down Sun’s offer. The person added that Sun had pitched the sale directly to CEO Changpeng Zhao.

.@HuobiGlobal Exchange has been a trusted name in the cryptocurrency industry for over 10 years, providing a safe, reliable, and compliant platform for trading digital assets. We want to assure our users that Huobi has no intention of changing ownership.

— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 5, 2023

While Binance’s official statement is no comment, Justin Sun took to Twitter earlier today to reject the alleged sale offer to Zhao and his crypto exchange. The Tron founder reiterated his commitment to Huobi and its customers and reassured the exchange’s users that there was no intention to alter its ownership.

“I must point out that in the past week or so, I have not proposed any offer to CZ regarding the purchase of Huobi Global , nor have we even discussed Huobi in the past week or so.”

Justin Sun on Twitter

Tron’s TRX token and Huobi’s Huobi Token, both fell to their daily low following the report by CoinDesk. News of the rumored sale offer to Binance comes just days after Bloomberg reported on April 1 that Sun had held talks to sell a stake in the Huobi. The report was negated by the Tron founder, who brushed the rumors as a “good April Fools Day prank.” The ownership of Huobi has not been quite clear, with Justin Sun maintaining that he does not own the exchange. However, a press release from Huobi in January confirmed Sun as the “leader” of the exchange.

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