Bybit eyes acquisition of Korbit after Binance buys Gopax

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Yaroslav Dmytrenko

10.11.2025

Bybit eyes acquisition of Korbit after Binance buys Gopax — Global crypto exchanges expand presence in South Korean market

Global crypto giants target South Korea — the world’s second-largest market. Following Binance’s acquisition last month of Gopax, South Korea’s fifth-largest cryptocurrency exchange, reports have emerged that Bybit is preparing to purchase another South Korean exchange — Korbit.

According to the Maeil Business Newspaper, citing multiple industry sources, Bybit executives recently met with Korbit’s leadership to discuss a potential acquisition. While talks are reportedly at an early stage, market observers view this as a natural continuation of the regional consolidation trend.

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“Sources say Bybit recently met with Korbit’s management to begin the acquisition process. Currently, 60.5% of Korbit’s shares are owned by NXC (the parent company of Nexon), and 31.5% by SK Planet. It is reported that Bybit is considering starting the deal by purchasing SK’s stake before becoming the full owner,” crypto journalist Wu Blockchain wrote on X.

Earlier reports indicated that SK Group is winding down its crypto investments, making its stake a priority target for Bybit. Industry insiders also note that the exchange may seek to acquire NXC’s shares to gain full control. However, Korbit declined to comment, stating it “cannot disclose details of ongoing discussions.”

Korea opens up to global grypto capital

The news of Bybit’s interest in Korbit follows Binance’s successful acquisition of Gopax, South Korea’s fifth-largest exchange, finalized last month after a lengthy regulatory review.

Binance first filed for Gopax leadership restructuring approval in March 2023, receiving final clearance only last month. This marked the first time South Korean authorities allowed a foreign exchange to own and operate a local trading platform.

Industry insiders believe the Financial Intelligence Unit (FIU), part of South Korea’s Financial Services Commission (FSC), indirectly paved the way for similar deals.

This regulatory approval has encouraged other global players, including Bybit, to explore comparable acquisitions. Analysts say this marks the start of a new era in the South Korean crypto market — one increasingly shaped by foreign capital and expertise.

As we wrote, Bybit PWM reports 16.9% fund return despite market tension

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