Important points
- Bybit is considering acquiring Korbit, one of South Korea’s major cryptocurrency exchanges.
- The move is aimed at Bybit expanding its presence in the highly competitive Asian crypto market.
Bybit is considering acquiring Korbit, South Korea’s fourth-largest cryptocurrency exchange, as the international platform looks to expand its presence in key Asian markets, the Mainichi Keizai Shimbun reported on Monday.
The negotiations reportedly began after the Financial Intelligence Department approved the replacement of GOPAX executives by Binance, effectively allowing the foreign exchange to own the domestic platform.
However, Corbitt refuted this speculation in a statement to BloomingBit, claiming that rumors of a ByBit acquisition are unfounded. The exchange is majority-owned by NXC, the holding company of gaming giant Nexon, and SK Planet, both of which have scaled back their investments in cryptocurrencies.
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