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Techub News reported, according to Cointelegraph, South Korean financial services group Mirae Asset's subsidiary Mirae Asset Consulting has agreed to acquire equity in the domestic cryptocurrency exchange Korbit. According to submitted regulatory documents, the company plans to acquire 269 million shares of Korbit for 133.48 billion won (approximately $93 million), which will give it a 92.06% stake in the exchange. The transaction will be paid entirely in cash. The deal has not yet been completed. Upon meeting the closing conditions stipulated in the contract, the settlement process will commence and is expected to be completed within seven business days after the conditions are met. Korbit's latest financial report shows its annual revenue reached 8.7 billion won, with a net profit of 9.8 billion won, reversing previous consecutive losses. The exchange is primarily controlled by NXC and its subsidiary Simple Capital Futures, which together hold approximately 60.5% of the shares. SK Square holds an additional 31.5% stake.
Techub News reported, according to The Chosun Ilbo, Mirae Asset Group is in negotiations to acquire Korbit, South Korea's fourth-largest cryptocurrency exchange, with a transaction valuation of approximately 100 billion to 140 billion won, equivalent to about $70 million to $100 million. This potential acquisition will be led by Mirae Asset Consulting, a non-financial subsidiary of Mirae Asset Group, which has already signed a memorandum of understanding with Korbit's major shareholders. Public information shows that Korbit is currently jointly held by NXC and its subsidiary Simple Capital Futures with approximately 60.5% equity, while SK Square holds an additional approximately 31.5%.
Techub News reports, according to an announcement from the Korean Financial Intelligence Unit (FIU), regarding cryptocurrency exchange Korbit's violation of Anti-Money Laundering (AML) obligations stipulated by the "Specific Financial Information Act," the FIU has decided to impose an "institutional warning" penalty on it and levy a fine of 2.73 billion KRW (approximately 1.88 million USD). Additionally, the FIU imposed a "caution" penalty on its representative director and a "reprimand" penalty on the AML reporting responsible person. This sanction involves three major violations discovered by the FIU during an on-site inspection of Korbit from October 16 to October 29, 2024: Korbit had approximately 22,000 cases of Customer Due Diligence (CDD) and transaction restriction violations, including accepting ambiguous identification documents, allowing transactions with incomplete customer information, and failing to perform periodic customer re-verification obligations as required; conducted 19 asset transfer transactions with 3 unregistered overseas virtual asset service providers; and failed to perform money laundering risk assessment obligations as required before listing 655 new assets such as NFTs.
Techub News reported, according to CoinDesk, that South Korea's large financial group Mirae Asset is considering acquiring the local cryptocurrency exchange Korbit. Mirae Asset is in negotiations to acquire approximately 92% of Korbit's equity, with the transaction valuation potentially reaching up to 140 billion won (approximately $97 million). Headquartered in Seoul, Mirae Asset's business covers asset management, wealth management, investment banking, and insurance, making it a significant institution in South Korea's traditional finance sector. If the deal is finalized, this would mark its first direct foray into cryptocurrency-related business.
Techub News, according to Bloomberg, Bybit is seeking to acquire Korean exchange Korbit.
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