TLDR
- South Korean media report that Bybit is in the process of acquiring the Korbit exchange.
- Both Bybit and Korbit have denied knowledge of or commented on the alleged agreement.
- The move would follow Binance’s recent acquisition of GOPAX in the same market.
Intense rumors are circulating in the Asian market, and the focal point is the derivatives exchange Bybit. According to reports from the South Korean media outlet Maeil Business Newspaper, which cites sources close to the deal, Bybit is considering buying Korbit, one of South Korea’s oldest exchanges. The reports suggest that the management of both companies has already met and the acquisition process has begun.
However, both parties have publicly denied the news. A Bybit spokesperson stated they had no knowledge of the deal and that there was no official announcement through their channels. Meanwhile, Korbit declined to comment to local media, leaving the market in a state of speculation.
This rumor of a possible acquisition of Korbit by Bybit comes just weeks after Binance, Bybit’s main competitor, completed the acquisition of GOPAX, South Korea’s fifth-largest exchange. Binance’s entry, a process that took two and a half years, has opened the door for other global exchanges to seek mergers as a key tool to enter the regulated South Korean market.
Why is Bybit Targeting the South Korean Market?
Although local trading volumes have shown weakness recently, South Korea has a mature cryptocurrency market, clear regulations, and a currency (the won) that is a significant source of liquidity. For Bybit, which has grown to become a global derivatives leader with over $24 billion in daily volume, expansion is a natural step.
South Korean law prohibits local financial institutions from acquiring crypto businesses, which leaves the door open exclusively to other firms in the sector. Korbit, although currently a minor exchange with $21 million in daily volume, is fully regulated and was reorganized following its bankruptcy in 2017.
The reports claim that Bybit is reportedly interested in acquiring the 60.5% stake that NXC holds in Korbit. If the acquisition of Korbit by Bybit materializes, Korbit could be revitalized and integrate Bybit’s powerful futures markets.
