FTX In Talks To Buy Crypto Exchange Bithumb

FTX Trading is in talks to buy South Korean cryptocurrency exchange Bithumb, according to media reports.

FTX Trading, which is a cryptocurrency derivative exchange, said it is reviewing all options, including a full acquisition of Bithumb or joint management of the company.

The potential acquisition is part of FTX’s aggressive acquisition approach amid a major downturn in the global cryptocurrency market.

In June, FTX signed a deal giving it the option to buy cryptocurrency lender BlockFi at a maximum price of $240 million U.S., significantly lower than the firm’s $4.8 billion U.S. valuation.

Earlier this year, FTX bought Japanese cryptocurrency exchange Liquid. If the deal with Bithumb goes through, FTX will gain a bigger foothold in Asia where cryptocurrencies are extremely popular.

Bithumb is one of South Korea’s largest cryptocurrency exchanges, regularly processing more than $500 million U.S. of trades per day, according to data from CoinGecko.

No deal between FTX and Bithumb has been announced and the situation between the two companies could change.