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South Korea’s Bybit, the world’s second-largest cryptocurrency exchange, is reportedly in advanced talks to acquire Korbit, one of the country’s oldest and most established exchanges.
The move signals Bybit’s ambition to strengthen its foothold in Asia’s second-largest crypto trading market after the United States.
Bybit to Acquire South Korea’s Korbit Exchange
Bybit, founded in 2018 and known for its robust derivatives trading platform, has grown rapidly to become one of the top global crypto exchanges.
According to local reports, Bybit recently held meetings with Korbit’s management to initiate the acquisition process. While discussions are still in the early stages, the talks mark a major step in Bybit’s strategy to expand beyond its existing global presence.
Korbit, currently ranked as South Korea’s fourth-largest exchange, is owned primarily by NXC, the parent company of gaming giant Nexon, which holds a 60.5% stake. Another 31.5% is owned by SK Planet, a subsidiary of SK Group.
Sources suggest that Bybit may start by purchasing SK’s stake before moving toward full ownership.
FIU’s Recent Decision Opens the Door for Foreign Players
The potential acquisition follows a significant policy shift from the Financial Intelligence Unit (FIU) under South Korea’s Financial Services Commission.
Last month, the FIU approved Binance’s request to replace GOPAX executives, effectively giving the green light for foreign exchanges to own domestic trading platforms. This decision has encouraged other international firms, like Bybit, to pursue similar deals.
Regulatory Winds Turning Favorable
This move comes shortly after Binance successfully acquired GOPAX, South Korea’s fifth-largest exchange, following regulatory approval from the Financial Intelligence Unit (FIU).
The approval marked a turning point, showing that South Korean regulators may be softening their stance on foreign ownership in local crypto exchanges.
Meanwhile, both companies have yet to confirm the deal publicly, industry insiders say meetings between Bybit and Korbit’s management have already taken place, signaling that the process is moving forward.