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Report: South Korean Gaming Conglomerate Nexon Will Not Be Acquiring Bithumb

Report said that Nexon, the major South Korean gaming conglomerate, will not be acquiring the leading South Korean crypto exchange Bithumb.

It has been reported that a representative for Nexon said that the firm “has not invested in Bithumb and has no plans to acquire that company.”

However, the representative clarified that claims to the contrary resulted from “an inaccurate news account last week.”

The representative added:

“We cannot comment on the investment plans of other companies.”

The report said that the prospective sale of the exchange has been on the agenda since late August 2020, with preliminary bidding ostensibly held in September 2020. Yet the process, if underway, appears to be complicated by the ongoing police investigation involving Lee Jung Hoon, the chairman of the board of Bithumb Korea and Bithumb Holdings.

Likewise, a parallel investigation into a Bithumb executive over allegations of fraud has further raised a question mark over the exchange’s prospects of securing a legally required registration as a crypto entity with Korean authorities, as well as alleged plans to launch an initial public offering, reported in June 2020.

Thus, according to CoinMarketCap data, the exchange remains popular in the Korean crypto market and is currently the sixth-largest platform in the industry worldwide by daily traded volume.

Source: Cointelegraph



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