Not Even Binance Wants to Buy Huobi

Huobi is once again the subject of acquisition rumors. According to reports, Tron founder Justin Sun has been talking to potential buyers.

According to an anonymous source, Binance, the largest cryptocurrency exchange in the world, has declined an offer to buy Justin Sun’s ownership stake in rival exchange Huobi.

A renowned Chinese entrepreneur in the crypto space, Sun’s fame rests on having founded Tron, a blockchain-based platform focused on entertainment.

Binance reportedly refused due to rumors of Huobi’s ties to mainland China. The company is keen to avoid any involvement in the communist-run country. Sun seems aware that this may be an issue for prospective buyers. In an interview, Sun said Huobi wants to launch an exchange called Huobi Hong Kong and obtain a license there.

According to a recent Bloomberg report, Sun has been talking to potential buyers.

“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 said in a tweet.

The extent of Sun’s involvement with Huobi is unclear. But there is little doubt he is a leader of the company. Last week, Sun denied speculation that he was trying to sell his stake. In an April 1 tweet, Sun compared it to an April Fool’s joke. He assured users of Huobi’s continuing commitment to providing a “safe, reliable, and innovative” crypto trading platform.

FTX Declined to Buy Huobi

This is not the first time acquisition rumors have swirled around Huobi. Last year, FTX founder and CEO Sam Bankman-Fried said he wouldn’t buy the exchange.

Last August, Bloomberg reported that ​​founder Leon Li was considering selling his majority stake in the crypto exchange. According to the report, interested investors in talks with Li included Sam Bankman-Fried and Justin Sun.

At the time of writing, Huobi is the 16th largest cryptocurrency exchange by volume, according to CoinMarketCap.