Cryptocurrency exchange giant Bybit is reportedly in talks to acquire Korbit, one of the oldest crypto exchanges in South Korea. According to media reports from the country, Bybit, the world’s second-largest crypto exchange, has met with Korbit executives to discuss the potential deal.
Maeil Business cited sources within the virtual asset industry to confirm the discussions. However, Korbit responded to the newspaper saying, “We cannot comment on ongoing matters.” Meanwhile, a Bybit spokesperson told CoinDesk, “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.”
The talks come amid a softening stance by South Korean regulators such as the Korea Financial Intelligence Unit (KoFIU) and the Financial Services Commission (FSC). This regulatory easing is paving the way for more foreign firms to acquire local cryptocurrency exchanges, according to Maeil Business.
Bybit’s larger rival, Binance, recently completed the acquisition of South Korean crypto exchange Gopax. This marked Binance’s return to the South Korean market after overcoming regulatory hurdles that lasted for two years.
Korbit, headquartered in the Gangnam-gu district of Seoul, was founded in 2013. In 2017, the exchange was acquired by Korean game developer Nexon. As the crypto industry in South Korea continues to evolve, the potential acquisition by Bybit could signal increased foreign investment and consolidation within the market.
https://bitcoinethereumnews.com/crypto/bybit-said-to-be-in-talks-to-buy-south-korean-crypto-exchange-korbit-report/