Justin Sun denies rumors of Huobi exchange stake sell

Justin Sun denies rumors of Huobi exchange stake sell

Justin Sun has denied reports of divesting his stake in Huobi.

“As much as I love a good April Fool’s Day prank, I must deny the report that Huobi Global is seeking a stake buyer,” the Tron Founder wrote on Twitter on April 1, adding that the platform aims to provide “a safe, reliable, and innovative platform.”

Justin Sun has reportedly held talks about selling his stake in Huobi Global, citing a person with direct knowledge of the matter. At the time, it was unclear what valuation the 32-year-old Chinese native was seeking for the company, or how big a stake was being offered. In December last year, Huobi founder and controlling shareholder Leon Li Lin announced that he was selling his entire stake in the Seychelles-based crypto exchange to About Capital Management, a Hong Kong-based assets management company.

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Justin Sun, who reportedly spearheads the management firm, confirmed that he would be joining the Global Advisory Board of Huobi Global. However, China-based journalist Colin Wu claimed that Justin Sun was the core investor in About Capital, suggesting that he was the real buyer of the stake (which the report estimated to be around $1 billion).

WuBlockchain learned from multiple sources that the Tron founder was at the delivery site in Singapore on October 8 where the deal took place. Sun’s Huobi plans to bypass Beijing’s trading restrictions and draw Chinese customers using a scheme that involves a digital citizenship program from Dominica.

New Huobi users who choose Chinese as their nationality will be prompted to apply for Dominican digital citizenship and use it for KYC purposes. The move comes as Huobi has seen its market share tumble to 4% last year from almost 22% in 2020, the year before China banned all cryptocurrency trading within its borders.

Compiled by Coinbold