Bybit’s Rumored Korbit Acquisition Sends Crypto Markets Into Frenzy
Rumors of Bybit eyeing South Korea's Korbit lit up crypto Twitter like a rocket launch—just as retail traders finished their morning coffee.
Why it matters: Exchange consolidation is the new battleground. If confirmed, this would mark Bybit's first major play for East Asian dominance since losing ground to Binance in 2023.
The backchannel buzz: Insiders whisper the deal could bypass typical regulatory hurdles through Korbit's existing FSA licensing—a rare golden ticket in South Korea's walled crypto garden.
Reality check: Remember when FTX 'acquired' everything until it didn't? Maybe save the champagne until the lawyers finish their golf rounds.
Local media coverage
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 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 back in March 2023, so the approval came more than two years later. Analysts quoted by the newspaper said the approval could encourage other foreign cryptocurrency exchanges to enter the Korean market through mergers or acquisitions.
Ownership and market context
Korbit is mostly owned by NXC, which holds a 60.5% stake, while SK Planet owns 31.5%. Reports suggest that SK Planet has been pulling back from its investments in cryptocurrency, which could make its stake available for sale.
South Korea is the world’s second-largest market for cryptocurrency trading after the United States. If foreign exchanges like Bybit enter the market, it could change the local crypto industry, especially since domestic banks and financial institutions are restricted from participating in cryptocurrency businesses.
Community reaction
The potential acquisition has generated discussion in the crypto community. One user commented: “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 stated: “Smart MOVE if they’re serious about tightening their Asia footprint.”
Wu Blockchain 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 driver of its expansion.
Bybit’s official statement
Despite 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 can be found on Bybit’s 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.
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