FTX said to be in talks to acquire S. Korea crypto exchange Bithumb

Crypto derivatives exchange FTX is reportedly in talks to purchase Bithumb, one of South Korea’s top five cryptocurrency exchanges.

See related article: BlockFi’s deal with Sam Bankman-Fried’s FTX will prioritize clients

Fast facts

• The two exchanges have been discussing the deal for several months, according to an anonymous source who told Bloomberg.

• Neither Bithumb nor FTX has responded to Forkast for comment on the matter as of press time.

• FTX cofounder and chief executive Sam Bankman-Fried has supported firms that suffered a liquidity crisis such as BlockFi and Voyager Digital.

• Bithumb is among the only five crypto exchanges that are licensed in South Korea to operate cash-to-crypto services.

• Bithumb was responsible for 17.1% of total crypto trade volume in South Korea last year, only behind Upbit exchange.

See related article: S.Korea prosecutors raid crypto exchanges as part of Terra-LUNA investigation