Bitcoin

The South Korean gambling conglomerate Nexon denies plans to acquire Bithumb

The large gaming conglomerate Nexon will not acquire the large South Korean crypto exchange Bithumb. as previously claimed in the local media.

In an email to Cointelegraph, A representative from Nexon said the company “has not invested in Bithumb and has no plans to acquire it”. The email made that clear claims to the contrary are due to “an inaccurate news report last week”. “We cannot comment on other companies’ investment plans,” added the representative.

The expected sale of the exchange has been on the agenda since the end of August 2020. The preliminary call for tenders will apparently take place in September. However, The ongoing process appears to be complicated by the ongoing police investigation into Lee Jung Hoon, Chairman of the Board of Directors of Bithumb Korea and Bithumb Holdings.

The South Korean gambling conglomerate Nexon denies plans to acquire Bithumb
The South Korean gambling conglomerate Nexon denies plans to acquire Bithumb

A parallel investigation into fraud allegations by a Bithumb executive has also raised a question about the exchange’s prospects for legally required registration as a cryptocurrency company with the Korean authorities.As well as the alleged plans to go public that were announced in June 2020.

Despite at least two police raids on the offices of the exchange in connection with this investigation The company continues to be popular in the Korean cryptocurrency market and is currently the sixth largest platform in the sector worldwide by daily trading volumeaccording to data from CoinMarketCap.

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