Binance Reportedly Turns Down Justin Sun's Offer To Buy His Stake In Huobi — Tron Founder Denies Making Offer

Binance, the world’s largest cryptocurrency exchange by volume, has reportedly declined an offer made by Tron TRX/USD  blockchain founder Justin Sun to purchase his ownership stake in rival exchange, Huobi.

What Happened: According to an unnamed source cited by CoinDesk, Binance was not interested in the offer due to rumors surrounding Huobi’s alleged ties to mainland China, which Binance wants to avoid.

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The source claimed that Sun had reached out directly to Binance CEO Changpeng “CZ” Zhao with the offer. However, Binance believed that Sun held a majority stake in Huobi. 

Sun denied having made any recent offers regarding the purchase of Huobi or having discussed Huobi with CZ in the past week or so. "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 tweeted.

Last month, the Securities and Exchange Commission charged Sun and three of his companies, including digital asset network company Tron Foundation Limited, with the unregistered offer and sale of two “crypto asset securities.” Following which,  the Grenadian government has announced the end of Sun's term as the Ambassador of Grenada to the World Trade Organization, effective March 31.

Binance did not respond to Benzinga's request to comment, at the time of publishing.

Price Action: At the time of writing, TRX was trading at $0.066 down 0.30% in the last 24 hours, according to Benzinga Pro.

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