Binance Rejects Justin Sun's Offer for Huobi Stake, Citing Suspected Chinese Connections – Here's What Happened
Binance has reportedly rejected an offer by crypto entrepreneur Justin Sun to purchase his stake in cryptocurrency exchange Huobi, citing ties to mainland China.
The world's largest cryptocurrency exchange turned down the alleged proposal due to rumors surrounding Huobi’s relationships with China, which used to be the platform's main market, CoinDesk reported, citing a person familiar with the matter.
In a recent tweet, Sun dismissed the rumors, claiming that he has not made any proposal to Binance CEO Changpeng Zhao regarding the purchase of Huobi "in the past week or so."
Over the weekend, a Bloomberg report claimed that Sun had held talks about selling his stake in Huobi Global, citing a person with direct knowledge of the matter. The report further claimed Sun had contacted some potential investors over the past weeks.
Sun also denied those claims, claiming that he has no intentions to divest his stake in the global cryptocurrency exchange Huobi.
"As much as I love a good April Fool's Day prank, I must deny the report that Huobi Global is seeking a stake buyer," the Tron Founder wrote on Twitter on April 1, adding that the platform aims to provide “a safe, reliable, and innovative platform.”
It is worth noting that Sun’s involvement with Huobi has been cloaked in mystery.
In December last year, Huobi founder and controlling shareholder Leon Li Lin announced that he was selling his entire stake in the Seychelles-based crypto exchange to About Capital Management, a Hong Kong-based assets management company.
Sun, who reportedly spearheads the management firm, confirmed back then that he would be joining the Global Advisory Board of Huobi Global.
However, China-based journalist Colin Wu claimed that Justin Sun was the core
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