Huobi Will Not Merge With Poloniex

Huobi has dismissed suggestions that it may combine operations with the Poloniex platform as

The cryptocurrency exchange Huobi has dismissed suggestions that it may combine operations with the Poloniex platform as “categorically untrue”. Huobi is one of the major cryptocurrency platforms in Asia, which was established in China in 2013.

It had been previously stated by Colin Wu that the two exchanges would unite, and Justin Sun added fuel to the fire by confirming the story in a subsequent report by The Block. 

However, the platform put out:

“Huobi and Poloniex are operating independently now.”

In a statement that was sent out through email, Huobi said:

“We would like to state for the record that rumors stating Huobi will soon merge with Poloniex are categorically untrue.”

Justin Sun Involved With Huobi And Poloniex

Justin Sun, the man who created the Tron network, is involved in both of these trades in some capacity. In 2019, he was a member of an investor group that purchased Poloniex, and he currently works as an advisor for Huobi. As stated by Sun, Huobi intends to relocate to the Caribbean soon, and Dominica, Panama, and the Bahamas are the frontrunners.

On November 22, Mr. Sun shared his thoughts with The Wall Street Journal stating that his team was looking into the possibility of buying assets from the now-bankrupt FTX exchange. The well-known advocate of cryptocurrencies had said: 

“We are open to any kind of deal. I think all the options [are] on the table. Right now we are evaluating assets one by one, but as far as I understand the process is going to be long since they are already in this kind of bankruptcy procedure.”

Most recently, Leading cryptocurrency exchange platform made an announcement stating its rebranding strategy. As part of the implementation process, the company will now be known as “Huobi” rather than “Huobi Global”.

The cryptocurrency exchange that operates out of the Seychelles made the announcement in October that it will be selling a large stake to About Capital Management.