The main gaming company Nexon will not take over the leading South Korean crypto Bithumb exchange, as previously claimed by local media.
The potential sale of the stock exchange is said to be on the agenda from the end of August 2020, with initial auctions allegedly taking place in September 2020. However, the process, if it is ongoing, seems to be complicated by an ongoing police investigation involving Lee Jung Hoon, CEO of Bithumb Korea and Bithumb Holdings.
A parallel investigation into allegations of fraud by one of Bithumb's executives has also put into question the prospects of the stock exchange obtaining the legally required registration as a crypto entity with the Korean authorities, as well as the alleged plans to launch an IPO, reported in June 2020.
Despite at least two police raids on the stock exchange offices related to these investigations, the stock exchange remains popular on the Korean crypto market and is currently the sixth largest platform in the industry in the world in terms of daily trade volume, according to CoinMarketCap.
