Bybit in Talks to Acquire South Korea’s Korbit Exchange: Report
Cryptocurrency exchange Bybit, the world’s second-largest by trading volume, is reportedly in talks to acquire Korbit, South Korea’s fourth-largest crypto exchange, according to South Korea’s Maeil Business Newspaper.
According to multiple industry sources, Bybit executives have recently met with Korbit’s management to discuss a potential acquisition. While negotiations are said to be in the early stages, market observers view the move as a natural progression following similar consolidation trends in the region. Korbit declined to comment, stating that it “cannot share details on matters currently under discussion.”
Foreign Crypto Giants Target South Korea
Founded in 2018, Bybit is a fast-growing exchange with Chinese roots that rose to global prominence through its strong derivatives trading infrastructure and user-friendly platform.
The company’s reported pursuit of Korbit follows Binance’s successful acquisition of Gopax, South Korea’s fifth-largest exchange, finalized last month after a prolonged regulatory review.
These developments indicate a shift in the stance of South Korea’s financial authorities, who have traditionally imposed strict controls on the domestic crypto industry. With local firms constrained by heavy compliance burdens, foreign exchanges appear increasingly set to fill the gap.
Regulatory Green Light Spurs Expansion
Industry insiders suggest that the Financial Intelligence Unit (FIU)—part of South Korea’s Financial Services Commission (FSC)—has indirectly paved the way for such deals.
In mid-October, the FIU approved Binance’s long-pending request to change Gopax’s management, effectively allowing a foreign exchange to own and operate a local platform for the first time.
That approval, granted two and a half years after Binance first applied in March 2023, has emboldened other global players like Bybit to explore similar acquisitions. Analysts say it marks the start of a new phase in South Korea’s crypto market—one where foreign capital and expertise increasingly shape domestic competition.
Strategic Stakes and Market Impact
Korbit is majority-owned by NXC, the parent company of gaming giant Nexon, with a 60.5% stake, while SK Planetholds 31.5%. SK Group has reportedly been unwinding its crypto-related investments, which could make its stake a primary target for Bybit. Industry sources say the exchange is also considering acquiring NXC’s portion to secure full control.
With South Korea ranking as the world’s second-largest crypto market after the United States, Bybit’s entry could intensify pressure on local financial institutions, which remain barred from engaging in digital asset activities under the country’s strict “separation of finance and industry” laws.
As foreign exchanges expand aggressively, regulators face growing scrutiny over whether their policies are creating a playing field where global players thrive while domestic financial firms remain restricted.
The post Bybit in Talks to Acquire South Korea’s Korbit Exchange: Report appeared first on Cryptonews.
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Bybit Said to Be in Talks to Buy South Korean Exchange Korbit: Report
Bybit Follows Binance’s Lead, Enters Talks to Acquire Korbit in South Korea
Bybit in Talks to Acquire South Korea’s Korbit Exchange: Report
Cryptocurrency exchange Bybit, the world’s second-largest by trading volume, is reportedly in talks to acquire Korbit, South Korea’s fourth-largest crypto exchange, according to South Korea’s Maeil Business Newspaper.
According to multiple industry sources, Bybit executives have recently met with Korbit’s management to discuss a potential acquisition. While negotiations are said to be in the early stages, market observers view the move as a natural progression following similar consolidation trends in the region. Korbit declined to comment, stating that it “cannot share details on matters currently under discussion.”
Foreign Crypto Giants Target South Korea
Founded in 2018, Bybit is a fast-growing exchange with Chinese roots that rose to global prominence through its strong derivatives trading infrastructure and user-friendly platform.
The company’s reported pursuit of Korbit follows Binance’s successful acquisition of Gopax, South Korea’s fifth-largest exchange, finalized last month after a prolonged regulatory review.
These developments indicate a shift in the stance of South Korea’s financial authorities, who have traditionally imposed strict controls on the domestic crypto industry. With local firms constrained by heavy compliance burdens, foreign exchanges appear increasingly set to fill the gap.
Regulatory Green Light Spurs Expansion
Industry insiders suggest that the Financial Intelligence Unit (FIU)—part of South Korea’s Financial Services Commission (FSC)—has indirectly paved the way for such deals.
In mid-October, the FIU approved Binance’s long-pending request to change Gopax’s management, effectively allowing a foreign exchange to own and operate a local platform for the first time.
That approval, granted two and a half years after Binance first applied in March 2023, has emboldened other global players like Bybit to explore similar acquisitions. Analysts say it marks the start of a new phase in South Korea’s crypto market—one where foreign capital and expertise increasingly shape domestic competition.
Strategic Stakes and Market Impact
Korbit is majority-owned by NXC, the parent company of gaming giant Nexon, with a 60.5% stake, while SK Planetholds 31.5%. SK Group has reportedly been unwinding its crypto-related investments, which could make its stake a primary target for Bybit. Industry sources say the exchange is also considering acquiring NXC’s portion to secure full control.
With South Korea ranking as the world’s second-largest crypto market after the United States, Bybit’s entry could intensify pressure on local financial institutions, which remain barred from engaging in digital asset activities under the country’s strict “separation of finance and industry” laws.
As foreign exchanges expand aggressively, regulators face growing scrutiny over whether their policies are creating a playing field where global players thrive while domestic financial firms remain restricted.
The post Bybit in Talks to Acquire South Korea’s Korbit Exchange: Report appeared first on Cryptonews.
Read More
Bybit Said to Be in Talks to Buy South Korean Exchange Korbit: Report