The FTX-Bithumb Negotiations May Have Failed

According to Decenter, on November 9th, a number of industry players indicated that FTX‘s plans to buy South Korean crypto exchange Bithumb may have fallen through. 

Vidente, Bithumb‘s biggest shareholder, indicated in a statement in response to KOSDAQ inquiries in August this year that “FTX has certainly approached Bithumb Korea and Bithumb Holdings regarding the disposal of the interest,” but did not explain the details. 

The deadline for re-publication is the 24th of this month, however Vidente could not confirm this. “I submitted an official letter to Bithumb, requesting them to validate the relevant material, and I received a reply, but I cannot share the particular content,” the person in charge of Vidente stated. “The sale of Vidente’s shares has nothing to do with Bithumb,” Bithumb officially stated. 

Previously, industry insiders thought that FTX, which completed the acquisition of Bithumb, was exploring other local exchanges such as Gopax, but this has been verified, and the Gopax operator has stated that it has never received a formal bid from FTX.

Previously, FTX and Busan City had inked a collaboration agreement, but a Busan City official said that the exchange situation was unrelated to the Busan Digital Asset Exchange. He was emphatic: “This is a business deal for future collaboration. It is preferable if FTX runs well, but even if it fails, it will have no effect on the Busan Digital Asset Exchange.”

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