Bybit in Talks to Acquire Korbit, Eyes South Korea Entry

• Bybit is reportedly in early-stage discussions to acquire Korbit, one of South Korea’s four largest virtual asset exchanges.
• The move follows the FIU’s landmark approval of Binance’s acquisition of GOPAX in October, signaling a regulatory thaw.
• This trend of foreign M&A is expected to intensify the “competitive fairness” debate, as domestic banks are still banned from the sector.

Bybit is reportedly in discussions to acquire Korbit, one of South Korea’s oldest and fourth-largest virtual asset exchanges. Industry sources cited by Maeil Business Newspaper report that Bybit has held preliminary meetings with Korbit’s management, signaling early-stage negotiations.

While both firms have declined to comment, the talks are viewed within the industry as a major move by a global exchange seeking entry into South Korea’s tightly regulated market.

The ‘Binance Precedent’ Shows Bybit the Way

The possible acquisition follows the recent approval granted to Binance by South Korea’s Financial Intelligence Unit (FIU) to modify the executive structure of GOPAX, another major domestic exchange. Regulators in October approved Binance’s modification of the executive structure at GOPAX, another major domestic exchange. This decision officially completed Binance’s 67% takeover of GOPAX, first initiated in early 2023.

Related: South Korean Lawmaker Presses Regulator on GOPAX Compensation Post-Binance Deal

Market observers believe this development has encouraged Bybit to pursue Korbit. It signals a significant shift in the FIU’s stance toward foreign participation in the sector. Analysts note that with the Binance approval, South Korean authorities have opened a pathway for global exchanges to acquire licensed local entities under existing compliance frameworks.

A Path to Controlling Interest

Korbit, established in 2013, is primarily owned by NXC, the holding company of gaming giant Nexon, which holds a 60.5% stake. SK Planet controls approximately 31.5% of the exchange.

SK Planet has reportedly been scaling back investments tied to its virtual asset ventures. This scale-back may be a key factor influencing the sale process. Bybit is reportedly considering acquiring NXC’s entire stake, a move that would give it a controlling interest in the exchange.

Foreign M&A to Intensify ‘Competitive Fairness’ Debate

South Korea ranks as the world’s second-largest cryptocurrency trading market after the United States. The market has a strong domestic user base and strict local compliance requirements.

Domestic financial institutions, however, remain restricted from engaging directly in virtual asset operations. This restriction is enforced under the “separation of financial institutions from cryptocurrency exchanges” rule.

The growing presence of foreign exchanges through mergers and acquisitions is expected to 

intensify regulatory debates. These debates will center on competitive fairness and market access for the domestic firms that are still barred from entry.

Related: South Korea’s Governing Party Presses Regulators To Allow Bitcoin Spot ETFs