Justin Sun Rejected By Binance To Buy His Huobi Shares

Key Points:

• Binance recently rejected a proposal to acquire Justin Sun’s stake in Huobi, which Sun made directly to Changpeng Zhao last week.
• Justin Sun denied this news, stating that Huobi had not even been discussed with Binance’s CEO
• Last week, Bloomberg reported that Justin Sun was trying to sell his stake in Huobi, but Sun denied it and called it an April Fool’s Day joke.

Binance recently rejected a request to purchase Justin Sun’s interest in Huobi, according to CoinDesk, citing an unnamed person knowledgeable on the matter. Sun made the proposition directly to Binance CEO Changpeng Zhao last week.

According to the insider, Binance rebuffed the offer because it is worried about reported linkages between Huobi and mainland China. Incidentally, Sun, best known as the creator of the decentralized blockchain system Tron, told CoinDesk in March that he intends to open a new exchange in Hong Kong named Huobi Hong Kong. Sun, who made the transaction directly to Binance’s CEO, has a controlling share in Huobi.

The extent of the Sun’s connection with Huobi is shrouded in mystery. He refers to himself as an “adviser” to the firm and claims not to hold any shares, yet he’s spent nearly $200 million of his own money to prop it up since January.

In October of last year, a firm named About Capital bought Huobi. Sun’s spokesmen have said that he is not connected with About, however, Huobi revealed in January that he is a corporate leader. Binance was made to assume that Sun controlled the majority of Huobi. According to the source, Sun made a clear appeal to China in the previous week or so.

Justin Sun immediately refuted the report’s assertions, stating that Huobi has no intention of shifting ownership.

Bloomberg claimed last week that Justin Sun was attempting to sell his share in Huobi, but Sun refuted the news and dismissed it as an April Fool’s prank. Sun purchased Huobi from Li Lin in 2022 for around $1 billion.

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Harold

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