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October 5, 2022
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Bitcoin

Nexon denies: we are not buying Bithumb –

Some media reports last week suggested that Nexon, a South Korean gaming conglomerate, is actually ready to take over the Bithumb cryptocurrency exchange. The price of this surprising transaction was even quoted – it was supposed to be around $ 460 million. Now it turns out that it was probably fake news. Or the process has simply been held back by controversy over this popular Bitcoin trading platform.

Nexon won’t buy Bithumb though!

The news of the takeover was denied today through the world’s largest cryptocurrency portal. In an email sent to Cointelegraph, a Nexon representative said that this “Did not invest in Bithumb” and I definitely don’t plan on doing it at all. However, it has been added that earlier reports may have something to do with it. “We cannot comment on the investment plans of other companies” – stated in the press release.

The stock market under the magnifying glass of the police

If we believe the rumors, a potential transaction regarding the sale of the cryptocurrency exchange was supposedly on the company’s agenda at the end of August 2020. Then, in September, even quite specific, more advanced talks were reportedly held. However, the process, if any, appears to be very complex due to an ongoing police investigation involving Lee Jung Hoon, CEO of Bithumb Korea and Bithumb Holdings.

In parallel, an investigation into the director of Bithumb over allegations of fraud is ongoing. This, in turn, further raised doubts about the prospects of the stock exchange to obtain legally required registration from the authorities of South Korea. The ideas regarding the alleged plans to launch the IPO, which began in June 2020, started to look even worse.

Despite at least two police raids on exchange offices related to these investigations, the platform works and still remains the top place in the Korean cryptocurrency market to buy BTC. In addition, it is currently the sixth largest platform in the industry in the world in terms of daily trading volume, according to CoinMarketCap data.

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