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Bybit, one of the largest centralized exchanges, is reportedly considering acquiring Korbit, one of the largest markets in South Korea. Bybit has grown rapidly to become one of the key venues for derivative trading, and more global acquisitions were anticipated.
Bybit has met with Korbit’s management and has already started the acquisition process, stated sources close to the deal, cited by the Maeil Business Newspaper.
Korbit itself declined to comment for South Korean media. A Bybit spokesperson shared no knowledge of the potential deal, as there is no announcement through Bybit’s official channels. The two sides also gave no evidence of talks, despite recent news reports.
The potential talks between Bybit and Korbit were announced just weeks after Binance acquired GOPAX, the fifth-largest South Korean crypto exchange. South Korean exchanges recently showed the weakest trading volumes in a year, as traders switched to stocks. Despite this, the country has a long-running tradition of crypto activity and a market that may revive at one point.
The country also offers clear crypto regulations, suggesting stablecoins may be used in the near future, promising more readily available liquidity.
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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