Cryptocurrency exchange giant Bybit is in talks to acquire Korbit, one of the oldest cryptocurrency exchanges in South Korea, 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 noticed market rumors regarding a potential Korbit acquisition, but this is not to our knowledge,” a Bybit spokesperson told CoinDesk. “Please stay tuned to our official website for any 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.
Binance, Bybit’s biggest rival, recently completed the acquisition of South Korean crypto exchange Gopax, marking its return to the domestic market after overcoming regulatory hurdles over a two-year period.
Korbit, headquartered in the Gangnam-gu district of Seoul, was founded in 2013. In 2017, it was acquired by Korean game developer Nexon.
