Cryptocurrency exchange Huobi has said rumors it will merge with Poloniex are "categorically untrue."

It was reported Friday by Colin Wu that the two exchanges would merge, a rumor to which Justin Sun subsequently added fuel.

Justin Sun, the founder of the Tron network, has an involvement in both exchanges. He was part of an investor group which acquired Poloniex in 2019 and is now an adviser to Huobi.

“We would like to state for the record that rumors stating Huobi will soon merge with Poloniex are categorically untrue," Huobi said in an emailed statement.

"Huobi and Poloniex are operating independently now.”

Huobi Global, which was founded in China in 2013 and is one of Asia's largest crypto platforms, is currently planning to move to the Caribbean, with Dominica, Panama and the Bahamas the frontrunners, according to Sun.

Read more: Justin Sun 'Optimistic’ About Crypto’s Return to China, Addresses Huobi Acquisition