Crypto Mining

South Korean gaming conglomerate Nexon denies plans to acquire Bithumb



Major gaming conglomerate Nexon will not be acquiring leading South Korean crypto exchange Bithumb, as previously alleged in local media.

In an email to Cointelegraph, a representative for Nexon said that the firm “has not invested in Bithumb and has no plans to acquire that company.” The email clarified that claims to the contrary resulted from “an inaccurate news account last week,” adding “We cannot comment on the investment plans of other companies.”

The prospective sale of the exchange has reportedly 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, chairman of the board of Bithumb Korea and Bithumb Holdings.

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.

Despite at least two police raids of the exchange’s offices connected to these investigations, the exchange remains popular in the Korean crypto market and is currently the sixth-largest platform in the industry worldwide by daily traded volume, according to CoinMarketCap data.