Bybit, the second-largest cryptocurrency exchange by trading volume, has begun preliminary discussions to acquire Korbit, South Korea’s fourth largest and one of its oldest crypto platforms. Some sources in the industry have reported that senior Bybit executives have held meetings with Korbit management to explore a potential deal. The talks are in the early stages, with no binding agreement in place.
Korbit's Background and Market Position
Korbit, founded in 2013, was acquired in 2017 by NXC Corp., the holding company of Japanese gaming giant Nexon, in a transaction valued at approximately $80 million for a 65.19% stake. That stake has since been diluted to 60.5%. The exchange currently holds around 1 to 2% of South Korea’s crypto spot trading volume, behind market leaders Upbit, which accounts for 72% of South Korea’s trading volume, and Bithumb, with 25%. One of the major stakeholders of Korbit includes SK Planet with a 31.5% stake.
Official Statements and Market Context
At the moment, neither Bybit nor Korbit has confirmed the talks. A Bybit spokesperson stated, "These rumors are not within our knowledge," while Korbit declined to comment on "ongoing matters."
Regulatory Landscape and Foreign Exchange Entry
The potential acquisition comes at a time of a changing regulatory landscape in South Korea, where the Korea Financial Intelligence Unit (KoFIU) and Financial Services Commission (FSC) have shown increasing openness to foreign exchange participation under the 2024 Virtual Asset User Protection Act. This follows Binance’s completion of its acquisition of local exchange Gopax on October 15, 2025, after a two-and-a-half-year regulatory process, marking the first fully foreign-controlled crypto exchange in the country.
Strategic Implications for Bybit
For Bybit, acquiring Korbit would greatly expand its presence in Asia’s second-largest crypto market by volume, with annual trading exceeding $663 billion. South Korea is known for high retail participation, with over 16 million users, which represents 32% of the population, and continuous “Kimchi Premium” pricing between 2 to 14% above global averages. Market analysts suggest that a successful deal could increase competition in KRW trading pairs, improve liquidity depth, and accelerate the development of institutional-grade products in the region.
Potential Deal Structure and User Base
If the deal is agreed and finalized, the transaction may begin with SK Planet’s 31.5% stake, which is currently said to be up for divestment, followed by NXC’s 60.5% holding. With its established regulatory compliance and licensed status, Korbit sports a user base of approximately 1 million active users, making it a prime target for global platforms seeking compliant entry into the Korean market.
Regulatory Approval and Global Consolidation Trends
Following the breaking of the story, regulatory approval is one of the most important barriers; any deal would be subject to thorough vetting by the FSC and KoFIU, which must ensure the satisfaction of anti-money laundering standards, investor protection, and capital flow restrictions. The development is in line with a wider consolidation trend among global exchanges seeking scale and licensed footholds in high-volume jurisdictions. Bybit, which operates without a fixed headquarters and reports over 70 million registered users, has been on a journey of aggressive expansion in 2025, securing a MiCA license in Europe and launching AI-powered trading tools such as TradeGPT.