Bybit Rumored in Acquisition Talks with South Korea's Korbit for Market Expansion

Recent reports indicate that Bybit, a major global cryptocurrency exchange, is exploring the acquisition of Korbit, South Korea's fourth-largest crypto exchange, as part of its strategy to expand in the Asian market. Sources familiar with the matter, cited by Maeil Business Newspaper, revealed that Bybit has met with Korbit's management to initiate the acquisition process, with plans to first acquire SK Planet's 31.5% stake in Korbit before pursuing full ownership. NXC, the parent company of Nexon, holds the majority 60.5% stake in Korbit.

However, both parties have issued denials regarding the deal. Korbit dismissed the acquisition as a baseless rumor in a statement to BloomingBit, while a Bybit spokesperson confirmed no official announcement has been made through its channels. This development comes shortly after Binance's successful acquisition of GOPAX, South Korea's fifth-largest exchange, which set a precedent for foreign exchanges entering the local market.

South Korea's regulatory environment is evolving, with the Financial Services Commission (FSC) introducing new guidelines in September 2025, including a 20% cap on crypto lending interest and restrictions to top-20 market cap tokens listed on at least three won-based exchanges. FSC Chairman Kim Byoung-hwan has emphasized accelerating cryptocurrency institutionalization to align with global trends and enhance investor protection.

Despite a recent slump in trading volumes on South Korean exchanges, the market remains attractive due to its regulatory clarity and potential for liquidity growth. Korbit, which reorganized after a 2017 bankruptcy and hacking incidents, currently handles around $21 million in daily volumes and focuses on altcoin markets. Bybit, with over $24 billion in daily volumes and a strong derivatives presence, could leverage this acquisition to boost its foothold in the region.