FTX Rumored to Be in Talks to Purchase South Korean Exchange Bithumb

2022-7-23 18:50

FTX is rumored to be in talks with South Korean exchange Bithumb over a possible acquisition.

The talks are at an advanced stage, says one source, and have been taking place over the last few months. Bithumb said it couldn’t confirm this information, while FTX declined to comment on the matter. With Bithumb being a potential acquisition and not an investment, it makes sense that negotiations would take place over a few months, allowing the company to perform due diligence before taking the plunge.

Bithumb recently made headlines for being one of many South Korean exchanges to come under the hammer of national authorities for alleged links to Do Kwon, the now infamous co-founder of Terraform Labs that invented the failed TerraUSD stablecoin.

According to the Southern District Prosecutor’s Office, eighty-one retail investors filed two formal complaints with authorities.

Antitrust Issues in the pipeline?

Bithumb is licensed by the Financial Intelligence Unit to run a digital asset business, converting cash to cryptocurrency. The exchange, which processes about $569 million in daily trading volume, was founded in 2014 and registered on Nov. 19, 2021.

It is unclear whether any acquisition by FTX would cause antitrust issues. Bithumb fell afoul of antitrust authorities last year when it became one of twelve crypto companies in South Korea deemed to have exclusionary causes that absolved them from compensating customers for damages.

Bithumb becomes third overseas exchange in a short period

If rumors prove true, Bithumb would be the latest acquisition in an almost $1 billion spending spree by FTX and FTX.US that began in June 2022.

U.S. entity FTX US recently signed a deal with crypto lender BlockFi for a possible $240 million acquisition. FTX purchased Japanese exchange Liquid and Canadian trading platform Bitvo. At the time, FTX CEO Sam Bankman-Fried said in a statement that acquiring a Canadian exchange broadened the company’s exposure to regulations governing different geographies.

FTX loaned Voyager Digital, a crypto brokerage firm, $485 million within two days of negotiations. Bankman-Fried insisted that the loan to Voyager was to protect customer assets instead of trying to bolster his company’s bottom line.

But some are not buying into the benevolence narrative. Chris Mann, a general partner at Race Capital, an early investor in FTX, says that Bankman-Fried’s investments lay bare his ambition to dominate the industry.

What do you think about this subject? Write to us and tell us!

The post FTX Rumored to Be in Talks to Purchase South Korean Exchange Bithumb appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

North Korean Won (KPW) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 KPW

korean exchange south ftx bithumb rumored talks

korean exchange → Результатов: 126


Фото:

South Korea: Trading Volume Soars as Bithumb Reopens to New Customers

Major South Korean cryptocurrency exchange Bithumb has announced it will resume accepting new user accounts after resolving a dispute with its banking partner. Month-Long Impasse Ends As local news media outlet Yonhap reports August 29, Bithumb has come to an agreement with Nonghyup Bank, which in July stopped serving it, reportedly due to the exchange’s recent hack in which it lost over $30 million.

2018-8-29 16:00


Фото:

North Korean Hackers Infiltrate Unnamed Crypto Exchange in First-Ever MacOS Hack

North Korea’s notorious cyber-hacking outfit, “Lazarus Group,” has reportedly deployed a MacOS-based malware to infiltrate cryptocurrency exchanges and applications, according to Kaspersky Labs. North Korean Attackers Strike To date, Lazarus remains an unknown entity, with no information on the number of individuals identifying with the outfit.

2018-8-25 07:00


UPbit Exchange Clears $100 Million in Q3 Despite Crypto Bear Market Conditions

Korean Crypto Exchange UPbit Profits in Bear Market UPbit, a South Korean crypto exchange, profited in a bear market by $100 million. The Repository of Korea’s Corporate Filings (DART) released data indicating that in addition to UPbit’s profits, Bithumb, the country’s second-largest trading platform, also made a profit of $35 Million. The third quarter has […]

2018-8-24 21:28


Фото:

Some Cryptos Trading 500% Higher on Bithumb, Market Manipulation Woes

Bithumb traders have recently experienced an abnormal surge in the price of some crypto, with tokens like Ethos trading six times over its average value only on the South Korean exchange. Many traders began to attribute these ludicrous prices to the Kimchi Premium, which local cryptocurrency traders have grown accustomed to over the most recent months.

2018-7-30 08:04


Фото:

Binance’s South Korea Expansion Plan: Exchange Doesn’t Deny but Plays Down Hype

Crypto traders in South Korea could soon have direct access to Binance’s trading platform. According to a speculative report circulating in the Korean media, the largest cryptocurrency exchange in the world (by trading volume) is preparing to tap in on South Korea’s booming digital asset market by setting up a regional office in the country.

2018-7-26 17:28