Reports are circulating that global crypto exchange Bybit may be pursuing the acquisition of Korbit, South Korea’s fourth-largest cryptocurrency exchange.
According to a post by Wu Blockchain on X, citing South Korea’s Maeil Business Newspaper, Bybit has reportedly met with Korbit’s management to begin discussions regarding the potential acquisition.
Korbit is currently 60.5% owned by NXC, Nexon’s holding company, and 31.5% owned by SK Planet. Bybit is said to be considering acquiring SK Planet’s stake first before potentially moving toward full ownership.
Local Media Coverage Fuels Acquisition Speculation
Maeil Business Newspaper reported that the discussions between Bybit and Korbit are still in the early stages. The newspaper noted that while the deal is not yet confirmed, industry insiders consider Bybit’s interest in Korbit a logical step given the exchange’s global expansion efforts.
The report also pointed to South Korea’s evolving regulatory environment. In October 2025, South Korea’s Financial Intelligence Unit (FIU), under the Financial Services Commission (FSC), approved Binance’s request to change the executives at GOPAX. Binance had originally applied for this in March 2023, with the approval coming more than two years later. Analysts quoted by the newspaper suggested that this approval could encourage other foreign cryptocurrency exchanges to enter the Korean market through mergers or acquisitions.
Understanding Korbit's Ownership and Market Position
Korbit is primarily owned by NXC, which holds a 60.5% stake, while SK Planet owns 31.5%. Reports suggest that SK Planet has been reducing its investments in cryptocurrency, which could make its stake available for sale.
South Korea stands as the world’s second-largest market for cryptocurrency trading, trailing only the United States. The entry of foreign exchanges like Bybit into this market could significantly reshape the local crypto industry, particularly given the restrictions domestic banks and financial institutions face in participating in cryptocurrency businesses.
Community Discusses Potential Bybit-Korbit Deal
The potential acquisition has sparked considerable discussion within the crypto community. One user commented on X, "Bybit buying Korbit? Interesting. NXC and SK Planet ownership suggests they weren’t fully committed to the crypto game. Question is, are they getting a bargain or a headache?"
Another user expressed a positive outlook, stating, "Smart move if they’re serious about tightening their Asia footprint."
Wu Blockchain further noted Bybit’s rapid growth since its founding in 2018, describing it as "the world’s second-largest virtual asset exchange" and highlighting its convenient futures trading platform as a key driver of its expansion.
Bybit's Response to Acquisition Rumors
Despite the circulating reports, Bybit has not officially confirmed or denied the acquisition. Wu Blockchain reported that Bybit "responded that it is unaware of the market rumors regarding the acquisition of Korbit and advised users to refer to its official website for future updates." However, no such statement has been found on Bybit’s official website or its X account, leaving the news unverified.
At present, the potential acquisition remains speculative. Observers are monitoring developments closely, as any confirmed deal could have significant implications for the South Korean virtual asset market.