what's Korbit?
Korbit is a centralized cryptocurrency exchange based in South Korea, established in 2013 as one of the country's first and largest platforms for trading digital assets. It primarily facilitates trades between cryptocurrencies and the Korean Won (KRW), supporting popular pairs such as BTC/KRW, ETH/KRW, and others, with features including a user-friendly interface for beginners and advanced traders, API for automated trading, and secure asset management. The exchange emphasizes reliability, having avoided major hacks, and offers additional services like zero-fee remittances to Korean bank accounts, ETH 2.0 staking, and an NFT marketplace to enhance user engagement in the crypto ecosystem. As a key player in Asia's crypto market, Korbit focuses on accelerating stablecoin adoption and onchain finance, notably through partnerships like the Circle Alliance Program for seamless USDC integration. It operates under a mission to enable free value flow using new technology, providing tools for technical analysis, low entry thresholds, and competitive fees (0.1% maker, 0.2% taker). Headquartered in Seoul, Korbit serves the local market while contributing to broader institutional interest in assets like XRP via custody integrations.
Korbit faces South Korean AI surveillance for unfair trading and proposed ownership caps for governance.
Raised $92.3M in funding round.
Mirae Asset acquired 92.06% stake in Korbit, purchasing 26.9 million shares for 133.5 billion won ($92.27 million).
Subject to proposed ownership caps limiting major shareholders to 15-20% stakes, forcing sale of 5-58% of holdings, under South Korea's Digital Asset Basic Act Phase 2, affecting five major Korean CEXs.
is subject to AI-powered surveillance through South Korea's Financial Supervisory Service VISTA platform, which detects unfair trading practices in real time with potential penalties including heavy fines or life imprisonment.
Holds below 1% market share domestically among Korea's five major cryptocurrency exchanges.
Holds all five categories of VASP licenses in Korea, covering crypto on/off ramps and exchange operations.
Lists XOCIETY ($XO) token with promotional programs offering 7M $XO in rewards through December 22nd for depositors and traders.
The Korea Financial Intelligence Unit will impose institutional and personal penalties on the exchange following Dunamu's 35.2 billion KRW ($24.35 million) fine, with similar violations expected and enforcement completion targeted for the first half of next year.
Bybit recently met with Korbit's management to begin the acquisition process and plans to start by purchasing SK Planet's 31.5% stake before pursuing full ownership from NXC, which holds 60.5%.
Bybit is pushing to acquire the South Korean crypto exchange, with negotiations set to begin with current owner NXC, Nexon's holding company.
Circle Alliance Program member enables USDC access in South Korea through its exchange platform, advancing stablecoin adoption across Asia.