Tron’s Founder Addresses Rumored Partnership with Binance’s CZ

Recent rumors have circulated about Tron’s founder, Justin Sun, attempting to sell his stake in the crypto exchange, Huobi, to Binance. However, the proposal was reportedly turned down due to concerns about Huobi’s ties to China.

Sun denied reports of acquiring a stake in Huobi and claimed to serve only as an advisor to the exchange. Huobi, in turn, stated that it was under Sun’s leadership.

Despite Bloomberg’s report of Sun trying to sell an undisclosed stake in Huobi Global to raise funds for the exchange, Sun dismissed the report as an “April Fool’s Day prank.” Huobi has faced challenges with the crypto bear market, resulting in laying off about 20% of its staff and looking to move its headquarters to Hong Kong from Singapore.

Sun has been in the spotlight recently due to the SEC disclosing charges against him. The commission claimed that Tron’s token, TRX, and BitTorrent’s token, BTT, were securities and that their sale took place without registration, making all involved entities commit securities fraud. The SEC also claimed that Sun was fraudulently manipulating the price of TRX and allegedly directing his employees to engage in wash trading.

Despite the controversy, Sun assured his Twitter followers that Binance remained one of Huobi’s “most important partners” and that no offer was made to Binance’s co-founder, Changpeng Zhao, regarding the purchase of Huobi. Sun also stated that the crypto exchange had “no intention of changing ownership.”