Cryptocurrency exchange giant Bybit is in talks to acquire Korbit, one of South Korea’s oldest crypto exchanges, according to media reports in the country.
Bybit, the second-largest cryptocurrency exchange, met with Korbit executives, Maeil Business reported, citing virtual asset industry sources. Korbit told the newspaper: “We cannot comment on ongoing matters.”
“We have noted market rumors about a possible acquisition of Korbit, but this is not within our knowledge,” a Bybit spokesperson told CoinDesk. “Stay tuned to our official website for future updates.”
A softening of the stance of the country’s regulators, such as the Korea Financial Intelligence Unit (KoFIU) and the Financial Services Commission (FSC), is allowing more foreign companies to buy local exchanges, Maeil Business said.
Bybit’s biggest rival Binance recently completed the acquisition of South Korean crypto exchange Gopax, marking its return to the domestic market after overcoming regulatory hurdles spanning a period of two years.
Korbit, based in Seoul’s Gangnam-gu district, was founded in 2013. In 2017, it was acquired by Korean game developer Nexon.
