Bybit in Talks to Buy South Korean Exchange Korbit: Report

TL;DR

• Cryptocurrency exchange Bybit is reportedly in talks to acquire a South Korean crypto platform, Korbit.

• The move could see Bybit expand its presence in Asia.

Bybit in Talks to Acquire Korbit

Bybit, the world’s second-largest cryptocurrency by trading volume, is in talks to acquire Korbit, one of the oldest crypto exchanges in South Korea. This is according to a report by Maeil Business, citing sources in the virtual asset industry. 

Korbit told the newspaper that they cannot comment on ongoing matters. A Bybit spokesperson also told CoinDesk that,

We have noticed the market rumors regarding a potential acquisition of Korbit, but this is not within our knowledge. Please stay tuned to our official website for any future updates.

This latest development comes following a more relaxed stance by South Korean regulators such as the Korea Financial Intelligence Unit (KoFIU) and the Financial Services Commission (FSC). The recent regulatory changes in the country have made it possible for foreign companies to acquire local crypto exchanges, Maeil Business added. 

It also comes shortly after Binance, the leading crypto exchange in the world,  completed the acquisition of South Korean crypto exchange Gopax. Binance re-entered the South Korean market two years ago after investing in Gopax. 

Korbit has been around since 2013 and was acquired by Korean game developer Nexon in 2017.