Exclusive: Bybit and Korbit Deny Acquisition Rumors—What’s Really Happening in South Korea’s Crypto Scene?

Another day, another crypto 'deal' that wasn't. South Korean media lit up with speculation about Bybit acquiring Korbit—until both exchanges slammed the brakes. Here's why the rumor mill got it wrong.

Behind the Headlines: Regulatory Realities Bite

Local regulators have been tightening the screws on foreign exchanges eyeing South Korea's lucrative market. Korbit, one of the country's OG platforms, isn’t about to hand over the keys without a fight—or at least a paperwork marathon.

The Takeaway: Trust, but Verify (Then Wait for the Press Release)

In crypto, 'acquisition talks' often mean everything from boardroom handshakes to some intern misreading a LinkedIn post. Until ink hits paper, assume it’s vaporware—especially in jurisdictions where regulators treat crypto like a suspicious package at the airport.

Bonus jab: If every rumored exchange merger had closed, we’d all be trading on 'Binance-Kraken-Gemini-BybitX' by now—with negative trading fees to lure users.

Bybit considers Korbit a natural expansion

Bybit’s rise in 2025, in spite of the biggest hack in crypto history, led to the eventual acquisition of Korbit. The market operator is one of the earliest in crypto. Korbit reorganized after filing for bankruptcy in 2017, following two hacking events. 

According to analysts, South Korean regulators have shown an openness to greenlight foreign exchanges to acquire local crypto companies. Foreign VIRTUAL exchanges are also trying to enter the South Korean market, and mergers are a key tool for that goal. 

Binance’s local acquisition took two and a half years to complete, but it opened the door for additional deals. 

As of 2025, NXC holds a 60.5% stake in Korbit, with another 31.5% stake belonging to SK. Previous reports claimed that Bybit WOULD focus on acquiring the entire NXC share. 

Despite the slowdown of South Korean exchanges, the country’s currency is a significant source of liquidity for multiple assets. 

Since South Korean law forbids financial institutions from acquiring crypto businesses, the only possible buyer would be other crypto firms. 

Korbit may return to Tier 1 status

After years in the market, Korbit remains a relatively minor exchange. The market carries around $21M in volumes, with a dominance of small altcoin markets. 

However, the exchange is regulated and reorganized, and represents a foothold in the South Korean market. Korbit may expand with Bybit’s features, including the highly active futures markets. 

Bybit has already achieved over $24B in daily volumes, with a mix of spot and derivative markets. The exchange has surpassed Binance on some trading pairs and has often led in terms of speculative derivative trading.

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