Binance says no to Justin Sun’s offer to buy his Huobi stake

Updated: 06 April 2023

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Justin Sun, the CEO of Tron, recently offered Binance, the world’s largest exchange by volume, to purchase his ownership stake in Huobi — one of Binance’s major rivals. However, according to an unnamed individual familiar with the matter, Binance decided to turn down the offer.

Binance appears to have no interest in buying Huobi due to the rumors of the exchange having ties to mainland China. Binance itself wants nothing to do with China, according to the insider. Furthermore, only about a month ago, Justin Sun stated in an interview that Huobi wishes to obtain a license in Hong Kong and launch a new subsidiary there. The new exchange would simply be Huobi’s Hong Kong branch, known as Huobi Hong Kong.

Sun’s own involvement with Huobi is currently also unknown to the public. While he does have an ownership stake, Huobi was bought by another company called About Capital in October 2022. According to Tron CEO’s representatives, Sun has nothing to do with About Capital, and Huobi itself confirmed this January that Sun remains the company’s leader.

Sun denies making offers to Binance or its CEO

Recent reports that emerged last week have also noted that Sun is looking to sell his Huobi stake, but when asked about it, he said: “As much as I love a good April Fool’s Day prank, I must deny the report that @HuobiGlobal is seeking a stake buyer. Rest assured, Huobi is committed to providing our users with a safe, reliable, and innovative platform for trading and investing in cryptocurrency.”

As much as I love a good April Fool's Day prank, I must deny the report that @HuobiGlobal is seeking a stake buyer. Rest assured, Huobi is committed to providing our users with a safe, reliable, and innovative platform for trading and investing in cryptocurrency. ❤️

— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 1, 2023

As for Binance, the unnamed source said that the exchange was led to believe that Sun owns a majority stake in the rival exchange. His offer allegedly went directly to Changpeng Zhao, Binance’s CEO. The source noted that the offer was made at some point in the last week, but after the reports came out, Sun denied them on Twitter once again, stating that he had not proposed any offers to CZ regarding the purchase of Huobi. In fact, he claimed that they did not discuss Huobi at all in the mentioned period.

We have always regarded @binance as one of our most important partners and will continue to work closely with them on all levels. However, I must point out that in the past week or so, I have not proposed any offer to @cz_binance regarding the purchase of @HuobiGlobal , nor have… https://t.co/S1aXSlZoNv

— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 5, 2023

When Binance was asked about the deal and whether or not its CEO even received any such offers, its spokesperson responded by saying that they do not have any comment to share.

Whether the offer was made or not, the reports involving it have had a negative impact on Tron’s price, which dropped from $0.06657 to $0.06552 before jumping back up to $0.06651. At the time of writing, the price of TRX sits at $0.0663.

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