As per a report by Coindesk, Binance, the largest cryptocurrency exchange, has declined to purchase the shares owned by Justin Sun, the founder of Tron, in the Huobi exchange.
The decision to reject Sun’s offer was reportedly due to Huobi’s association with mainland China, although it is unclear what percentage of the exchange Sun actually owns.
Although Huobi was acquired by About Capital, which is not associated with the founder of Tron, there have been several reports that Sun holds a considerable stake in the exchange, a view shared by Binance CEO Changpeng Zhao, who made the proposal last week.
However, Sun denied any such discussions, stating that he did not discuss the exchange during that time. Representatives from Binance declined to comment on the matter.
It is worth noting that earlier this year, Sun transferred more than $100 million worth of USDC and USDT to Huobi’s accounts, sourced from Binance wallets.