The millionaire cryptocurrency entrepreneur and creator of Tron, Justin Sun, has refuted claims that he is thinking about selling his interest in Huobi, a major cryptocurrency exchange. On April 1, Sun took to Twitter to deny the Bloomberg report, which cited a source with intimate knowledge of the situation to claim that Sun had recently spoken with possible investors and held discussions about selling his stake in Huobi Global.
In December 2022, Leon Li Lin, the creator and majority shareholder of Huobi, revealed that he was selling all of his stock in the Seychelles-based cryptocurrency exchange to About Capital Management, a Hong Kong-based assets management firm. At the moment, Sun made it known that he will be joining Huobi Global’s Global Advisory Board. Colin Wu, a writer based in China, asserted that Sun was About Capital’s primary investor, indicating that he was the actual purchaser of the estimated $1 billion share.
It’s important to note that Sun’s connection to Huobi has remained a mystery. The US Securities and Exchange Commission (SEC) has also accused Sun and three of his fully owned businesses, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc., of fraud and selling unregistered securities. The SEC also said that Sun and the firms paid famous people with large social media followings to promote TRX and BTT and gave them instructions not to publicly disclose their payments. The accusations pertain to the selling of their TRX and BTT coins.
The Wall Street Journal recently published a story about Huobi’s attempts to get over Beijing’s trading restrictions as the exchange looks to re-engage Chinese traders. The plan makes use of a digital citizenship initiative from the Caribbean country of Dominica. The exchange intends to carry out Know Your Customer (KYC) verification using the country’s digital identity.
Sun, Justin
When validating their information, new Huobi users who select China as their country of residence are invited to apply for Dominican digital citizenship and utilize it for KYC. Chinese users will be able to trade on Huobi’s platform if they register for Dominican digital citizenship, according to sources familiar with the scheme. The action is being taken as Huobi’s market share, which was around 22% in 2020, the year before China outlawed all cryptocurrency trading within its borders, fell to 4% last year.
When validating their information, new Huobi users who select China as their country of residence are invited to apply for Dominican digital citizenship and utilize it for KYC. Chinese users will be able to trade on Huobi’s platform if they register for Dominican digital citizenship, according to sources familiar with the scheme. The action is being taken as Huobi’s market share, which was around 22% in 2020, the year before China outlawed all cryptocurrency trading within its borders, fell to 4% last year.
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