Recent reports circulating in the crypto community suggest that Tron’s founder Justin Sun was allegedly attempting to sell his stake in Huobi to Binance, the world’s largest cryptocurrency exchange. However, Binance turned down the proposal due to rumors about Huobi’s ties to China.

In response to the rumors, Sun denied reports of acquiring a stake in Huobi, after About Capital acquired a 60% stake in the exchange. Instead, he claimed to serve as an advisor to the exchange, with Huobi stating that the exchange was under his leadership.

Taking to Twitter to address the issue, Sun stated that the crypto exchange had no intention of changing ownership. He also clarified that Binance was one of Huobi’s most important partners and that no offer was made to Binance’s co-founder Changpeng Zhao (CZ) regarding the purchase of Huobi.

Bloomberg also published a report claiming that Sun was trying to sell an undisclosed stake in Huobi Global to raise funds for the exchange. However, Sun dismissed the report, labeling it an “April Fool’s Day prank.”

Earlier this year, Huobi laid off about 20% of its staff citing the crypto bear market as the reason. The exchange is also reportedly looking to move its headquarters to Hong Kong from Singapore.

Sun’s involvement in the crypto community has been marred by controversy, with the United States Securities and Exchanges Commission (SEC) filing charges against him. The commission claimed that Tron’s token TRX and BitTorrent’s token BTT were securities, and their sale took place without registration, constituting securities fraud.

The commission also claimed that Sun was fraudulently manipulating the price of TRX in the secondary market and allegedly directed his employees to engage in wash trading.