Issue: I have an nginx reverse proxy installed in a ubuntu server with private IP only. The purpose of this reverse proxy is to route the incoming request to various 3rd party web sockets and RestAPIs. Furthermore, to distribute the load, I have a http loadbalancer sitting behind the nginx proxy server.

So this is how it looks technically:
IncomingRequest --> InternalLoadBalancer(Port:80) --> NginxReverseProxyServer(80) --> ThirdParyAPIs(Port:443) & WebSockets(443)

The problem I have is that, Nginx does not reverse_proxy correctly to the RestAPIs and gives a 502 error, but it does work successfully for Web Sockets.
Below is my /etc/nginx/sites-available/default config file: (No changes done elsewhere)

map $http_upgrade $connection_upgrade {
  default upgrade;
  '' close;
}
server {
  listen 80;
  location /binance-ws/ {
      # Web Socket Connection
      ####################### THIS WORKS FINE
      proxy_pass https://stream.binance.com:9443/;
      proxy_http_version 1.1;
      proxy_set_header Upgrade $http_upgrade;
      proxy_set_header Connection $connection_upgrade;
      proxy_set_header Host $host;
  }
  location /binance-api/ {
      # Rest API Connection
      ##################### THIS FAILS WITH 502 ERROR
      proxy_pass https://api.binance.com/;
      proxy_http_version 1.1;
      proxy_set_header Upgrade $http_upgrade;
      proxy_set_header Connection $connection_upgrade;
      proxy_set_header Host $host;
  }  
} 

I have even tried adding https://api.binance.com:443/ but no luck.

The websocket connection works fine:
wscat -c ws://LOADBALANCER-DNS/binance-ws/ws/btcusdt@aggTrade

However, the below one fails:
curl http://LOADBALANCER-DNS/binance-api/api/v3/time

When I see the nginx logs for 502 error, this is what I see:
[error] 14339#14339: *20 SSL_do_handshake() failed (SSL: error:1408F10B:SSL routines:ssl3_get_record:wrong version number) while SSL handshaking to upstream, client: 10.5.2.187, server: , request: "GET /binance-api/api/v3/time HTTP/1.1", upstream: "https://52.84.150.34:443/api/v3/time", host: "internal-prod-nginx-proxy-xxxxxx.xxxxx.elb.amazonaws.com"

This is the actual RestAPI call which I am trying to simulate from nginx:
curl https://api.binance.com/api/v3/time

I have gone through many almost similar posts but unable to find what/where am I going wrong. Appreciate your help!