FocusAI is in talks to acquire the South Korean cryptocurrency exchange Flybit

According to BizWatch, FocusAI, the largest shareholder of Busan Digital Asset Exchange, is seeking to acquire Flybit, which is also a cryptocurrency exchange in South Korea. It is reported that the two companies are in the final stages of discussions regarding the details of the transaction, which includes the sale of shares held by Flybit's CEO and largest shareholder Kim Seok-jin.

Flybit was registered as a virtual asset service provider in 2021 but exited the KRW-denominated market due to its failure to establish the required real-name account partnerships with banks.