South Korean media outlets report that global crypto exchange Bybit is in early discussions to acquire local trading platform Korbit, a move that could significantly expand Bybit’s footprint in one of Asia’s most tightly regulated digital-asset markets.
According to the leaks, representatives of both companies held a meeting on November 10, 2025, with Bybit said to be the party initiating the talks. Sources claim the exchange has already begun preliminary steps toward a potential deal, though the process remains in its earliest phase.
Korbit declined to comment when contacted by reporters, stating only that it was “not ready to discuss ongoing matters.” Local coverage emphasized that Korbit — South Korea’s fourth-largest exchange — is effectively controlled by two major shareholders:
- NXC Corp., part of the Nexon Group (60.5%)
- SK Square (31.5%), which is reportedly considering increasing its stake
Bybit, which has Chinese roots but operates globally, has long faced regulatory barriers to entering the Korean market. Historically, foreign companies have struggled to acquire local service providers due to strict compliance requirements.
However, market observers note that the landscape has shifted. In October 2025, South Korean regulators reportedly signaled approval for Binance’s acquisition of Gopax, breaking years of reluctance to let foreign giants purchase domestic exchanges. Analysts believe this development has encouraged Bybit to accelerate its expansion efforts.
Adding a twist to the story, journalist Colin Wu reported that Bybit has denied preparing to acquire Korbit, despite the meeting mentioned in local media. The company did not clarify the purpose of the meeting or address the details of the reported negotiations.
For now, the potential deal sits in a zone of uncertainty — neither confirmed nor fully dismissed — but it underscores the heightened strategic interest global exchanges have in the lucrative South Korean crypto market.
