The founder of China’s Huobi Group, which runs one of the world’s largest cryptocurrency exchanges, is in talks with investors to sell his nearly 60% stake in the exchange for over $1 billion. , Bloomberg News reported on Friday.

The sale of Leon Li’s stake would value Huobi at between $2 billion and $3 billion and could be finalized as early as the end of the month, according to the report. Tron founder Justin Sun and Sam Bankman-Fried’s FTX are among those who have been in touch with Huobi regarding the proposed stock sale, the report added, citing people familiar with the matter.

A spokesperson for Huobi confirmed to Bloomberg that Li was engaging with several international institutions about the sale, but declined to provide details, while Tron’s Sun told the news agency that he did not. had had no negotiations with Li about a sale.

Huobi Group, Tron and FTX did not immediately respond to Reuters requests for comment.

The Chinese group’s crypto exchange stopped new account registrations by mainland Chinese customers last year after Beijing introduced a blanket ban on all cryptocurrency trading and mining in the country.

Meanwhile, crypto players around the world also struggled following a sharp sell-off in the markets that began in May. Market conditions were reflected in the results of rival exchange Coinbase Global, which posted a bigger-than-expected quarterly loss this week as investors worried about the rout of risky assets this year avoided trading cryptocurrencies. .

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