According to a source with knowledge of the situation, Justin Sun’s ownership share in competing exchange Huobi was recently offered to Binance, the largest cryptocurrency exchange in the world by volume, but Sun declined.
Tron’s TRX token saw a decline in its price following reports that its founder, Justin Sun, attempted to sell his stake in Huobi, a competitor in the cryptocurrency exchange market, to Binance. However, Binance reportedly declined the offer, citing rumors of Huobi’s ties to mainland China as a potential issue. The anonymous source, who revealed the information, said that Binance was not interested in doing business with a company linked to the Chinese government.
Sun’s relationship with Huobi has long been shrouded in secrecy, with his involvement in the company disputed. In October of last year, a company called About Capital purchased Huobi, but Sun’s representatives claim that he is not involved with About. However, in January of this year, Huobi confirmed that Sun is, in fact, a leader of the company.
Despite this, Sun has publicly expressed his interest in Huobi obtaining a license in Hong Kong and launching a new exchange, Huobi Hong Kong. However, with the recent rumors surrounding Sun and his ties to Huobi, Binance’s refusal to engage in any business with the company highlights the tense atmosphere among competing cryptocurrency exchanges.
Representatives for Sun and Huobi have yet to respond to requests for comment, while a spokesperson for Binance stated that they have no comment on the matter. As the cryptocurrency market continues to grow, competition among exchanges is expected to intensify, and investors will undoubtedly watch closely to see how these rumors affect the industry’s landscape.