Justin Sun admitted that he bought the cryptocurrency exchange Huobi in October 2022, confirming its status as a majority shareholder.
Until recently, San actively denied the transaction, pointing out that his role in the management of Huobi was limited to being an advisor and not the owner of the controlling interest.
San has denied rumors that Huobi intends to compete with Binance for first place in the market.
The businessman assured that Huobi actively cooperates with Binance and considers it “one of the most important partners,” rather than a competitor.
Binance currently accounts for 50-60% of the crypto market, but in the long term, the market is likely to diversify, according to the founder of Tron.
Many exchanges will be able to operate successfully in their highly specialized niches.
“I believe that eventually the crypto market will evolve into a community of exchanges that quote various digital assets.
Binance is likely to support major cryptocurrencies such as bitcoin and ether. And Huobi, Poloniex and the like will do well with innovative assets,” opined Justin Sun.
In early May, experts at Coingecko published report ranking the top 10 crypto exchanges by their share of trading volumes.