Crypto Exchange FTX CEO Says There Are No Plans to Buy Chinese Huobi

Aug 29 (Reuters) – FTX Chief Executive Sam Bankman-Fried said in a tweet on Monday that the crypto exchange has no plans to buy China-based Huobi, which also runs the one of the largest cryptocurrency exchanges in the world.

Huobi founder Leon Li was exploring a sale of a stake in the company, people familiar with the matter told Reuters earlier this month.

A sale of Li’s nearly 60% stake would value Huobi at between $2 billion and $3 billion and could be finalized as early as this month, Bloomberg News reported earlier in August. Read more

The cryptocurrency industry has seen steep declines this year amid broader risk sentiment in the markets due to geopolitical unrest, aggressive monetary policy tightening and high inflation for decades. decades.

In recent months, Bankman-Fried has thrown lifelines at several digital asset platforms, including cryptocurrency lenders BlockFi and Voyager Digital. (https://bit.ly/3TorlM6)

In July, Bankman-Fried said he and his company still have “a few billion” left to shore up struggling companies that could further destabilize the digital asset industry, but the worst of the liquidity crunch is likely over. Read more

Reporting by Manya Saini in Bengaluru and Krystal Hu in New York; Editing by Shounak Dasgupta

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