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Crypto News

Huobi working to buy major South Korean crypto exchange

Nicholas Say
Nicholas Say

One of China’s largest crypto trading operations, Huobi, may acquire a major crypto exchange in South Korea. According to local media channel The Bell, Huobi is among the top bidders for Bithumb, alongside with other undisclosed firms. As The Bell pointed out, the move for Bithumb’s acquisition came as the result of shareholders’ decision to sell their entire stake in the company. The winning bidder would then take over Bithumb's ownership with a 100% stake in the company. Huobi' Chinese backing may be an advantage but as the Bell quoted, an Investment Banking official stated the firm will look for the why a bidder is interested in the exchange before making any final decisions.

Huobi's plans may hit a wall due to local legal problems that its target is having. Bithumb is reportedly on the target list of law enforcement officials for suspected fraud. On two separate occasions, South Korean police searched the Bithumb's offices before initiating an investigation against Lee Jung-hoon, Chairman of the Board of Directors of Bithumb Holdings.  The exchange already raised approximately $24 million but its failure to list a token led the authorities investigate the company. These investigations are ongoing, and there have been no official statements about whether or not they would impact the sale of the company.