Crypto exchange Bybit is reportedly exploring the acquisition of South Korean exchange Korbit, potentially changing the landscape of the nation’s highly regulated crypto market. Sources suggest Bybit held meetings with Korbit’s management to initiate the acquisition process. However, Bybit denies any involvement in the rumor, leaving the deal’s future uncertain.
Korbit, currently ranked as the fourth largest exchange in South Korea, is majority-owned by NXC (60.5%) and SK Planet holds a 31.5% stake. It’s speculated that Bybit may first acquire SK Planet’s share before aiming for full ownership. This move follows FIU’s approval of Binance’s acquisition of GOPAX, which opened the door for foreign exchanges to enter South Korea’s market.
Bybit’s potential entry into South Korea comes as regulations are evolving in the country, and if successful, it could reshape competition on the Korean exchanges. However, challenges remain due to South Korea’s stringent regulations and requirements for partnerships with banks.