Did Binance turn down Justin Sun's offer to buy Huobi?

Join the most important conversation in crypto and web3! Secure your seat today Binance, the world’s largest cryptocurrency exchange by volume, recently turned down an offer to acquire Tron blockchain founder Justin Sun’s ownership stake in rival exchange Huobi, according to a person familiar with the matter.

Why is Binance not interested in Huobi?

Binance wasn’t interested because of rumors that Huobi has ties to mainland China, which Binance wants nothing to do with, according to the person, who requested anonymity. In an interview last month with CoinDesk TV, Sun said Huobi wants to attain a license in Hong Kong and launch a new exchange there called Huobi Hong Kong.

Did Sun buy Huobi?

Huobi said the combined $200 million of stablecoins came from Sun’s personal funds. Sun last year spent about $1 billion to purchase a roughly 60% stake in Huobi, Bloomberg News reported in November. He’s denied owning the majority stake and says he’s just an adviser to the exchange.

Will Binance remove Chinese yuan?

Binance, one of the world's largest exchange by trading volumes, said in a Wednesday statement it will remove the Chinese yuan section of its consumer-to-consumer platform on Dec. 31 this year, and mainland Chinese users will have their accounts switched to "withdraw only mode"