Bybit in talks to acquire Korea's fourth-largest crypto exchange: Report

Key Takeaways

Bybit is exploring the acquisition of Korbit, one of South Korea’s major crypto exchanges.
The move aims to help Bybit expand its presence in the competitive Asian crypto market.

Bybit is considering acquiring Korbit, South Korea’s fourth-largest crypto exchange, as the international platform seeks to expand its presence in the key Asian market, Maeil Business Newspaper reported on Monday.

The talks reportedly began after the Financial Intelligence Unit approved Binance’s replacement of GOPAX executives, effectively allowing foreign exchanges to own local platforms.

However, Korbit refuted the speculation in a statement to BloomingBit, calling the Bybit acquisition rumors baseless. The exchange is majority-owned by NXC, the holding company of gaming giant Nexon, and SK Planet, both of which have been scaling back crypto investments.