FTX has no plans to buy crypto exchange Huobi, says CEO Bankman-Fried

Quick Take

  • The CEO of FTX said that the company has no plans to buy crypto exchange Huobi.
  • FTX is among a list of investors that reportedly had “preliminary contact” with Huobi as its founder looks to sell about 60% of its shares according to Bloomberg.

FTX is not planning to acquire crypto exchange Huobi, the company's founder and CEO Sam Bankman-Fried said on Twitter.

Bankman-Fried's comment follows a recent Bloomberg article naming FTX and Tron founder Justin Sun among a list of investors that have had "preliminary contact" with Huobi as its founder Leon Li looks to sell about 60% of the company.

Li is seeking a $2 billion to $3 billion valuation for the company and has reached out to "several international institutions," according to Bloomberg.

But following the publication of that report, Bankman-Fried took to Twitter to quash the idea of his firm's involvement.

"No, we are not planning to acquire Huobi," Bankman-Fried wrote. "Apparently a lot of people are saying this."

FTX has recently sought to acquire a series of troubled crypto firms amid crypto winter. For instance, it gave financial services firm BlockFi a multi-million-dollar bailout.

FTX US, the American subsidiary of global crypto exchange FTX, also recently announced that it is acquiring Canadian crypto trading platform Bitvo.

Tron founder Sun issued a similar denial, tweeting that "[w]e have not engaged any matters related to the Bloomberg story at this moment."

Editor's Note: Updated with a Twitter response from Tron founder Justin Sun.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Catarina is a reporter for The Block based in New York City. Before joining the team, she covered local news at Patch.com and at the New York Daily News. She started her career in Lisbon, Portugal, where she worked for publications such as Público and Sábado. She graduated from NYU with a MA in Journalism. Feel free to email any comments or tips to [email protected] or to reach out on Twitter (@catarinalsm).