Bybit Eyes Korean Expansion: In Advanced Talks to Acquire Korbit Exchange

Bybit makes power play for Asian dominance—negotiations underway to snap up South Korea's Korbit exchange. Another crypto giant positioning for the next bull run?

Market watchers note this could give Bybit critical access to Korea's tech-savvy traders...assuming regulators don't throw their usual wrench in the works.

Acquisition fever hits crypto again—because building from scratch is so 2021.

Foreign Crypto Giants Target South Korea

Founded in 2018, Bybit is a fast-growing exchange with Chinese roots that ROSE to global prominence through its strong derivatives trading infrastructure and user-friendly platform.

The company’s reported pursuit of Korbit follows Binance’s successful acquisition of Gopax, South Korea’s fifth-largest exchange, finalized last month after a prolonged regulatory review.

These developments indicate a shift in the stance of South Korea’s financial authorities, who have traditionally imposed strict controls on the domestic crypto industry. With local firms constrained by heavy compliance burdens, foreign exchanges appear increasingly set to fill the gap.

Regulatory Green Light Spurs Expansion

Industry insiders suggest that the Financial Intelligence Unit (FIU)—part of South Korea’s Financial Services Commission (FSC)—has indirectly paved the way for such deals.

In mid-October, the FIU approved Binance’s long-pending request to change Gopax’s management, effectively allowing a foreign exchange to own and operate a local platform for the first time.

That approval, granted two and a half years after Binance first applied in March 2023, has emboldened other global players like Bybit to explore similar acquisitions. Analysts say it marks the start of a new phase in South Korea’s crypto market—one where foreign capital and expertise increasingly shape domestic competition.

Strategic Stakes and Market Impact

Korbit is majority-owned by NXC, the parent company of gaming giant Nexon, with a 60.5% stake, while SK Planetholds 31.5%. SK Group has reportedly been unwinding its crypto-related investments, which could make its stake a primary target for Bybit. Industry sources say the exchange is also considering acquiring NXC’s portion to secure full control.

With South Korea ranking as the world’s second-largest crypto market after the United States, Bybit’s entry could intensify pressure on local financial institutions, which remain barred from engaging in digital asset activities under the country’s strict “separation of finance and industry” laws.

As foreign exchanges expand aggressively, regulators face growing scrutiny over whether their policies are creating a playing field where global players thrive while domestic financial firms remain restricted.