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Binance Refuses to Buy Huobi Stake from Tron Founder

Binance, the largest cryptocurrency exchange in the world, has reportedly rejected a proposal to purchase Tron founder Justin Sun's ownership stake in rival exchange Huobi. This information comes from an anonymous source familiar with the matter.

Justin Sun, Tron Founder
Justin Sun, Tron Founder

Rumored Chinese Connections Deter Binance

Binance's disinterest in the deal is attributed to rumors surrounding Huobi's connections to mainland China. Binance is steering clear of any association with China, as stated by the anonymous source. In a previous interview with CoinDesk TV, Sun mentioned that Huobi is seeking a license to operate in Hong Kong and establish a new exchange called Huobi Hong Kong.

Uncertainty Surrounding Sun's Involvement in Huobi

The extent of Justin Sun's involvement in Huobi remains unclear. About Capital acquired Huobi in October last year. While Sun's representatives deny his association with About, Huobi confirmed in January that he holds a leadership position in the company. Following a Bloomberg report suggesting Sun was attempting to sell his Huobi stake, he compared the speculation to an April Fool's joke.

Sun's Alleged Majority Ownership in Huobi

According to the source, Binance believes Sun owns a majority stake in Huobi. The offer to buy the stake was made directly to Binance CEO Changpeng "CZ" Zhao within the last week. However, Sun denied making any such offer or discussing Huobi with Zhao in a recent tweet. A Binance spokesperson declined to comment on the matter.