FocusAI in talks to acquire South Korean crypto exchange Flybit

FocusAI, the largest shareholder of the Busan Digital Asset Exchange (BIDAN), is pursuing the acquisition of fellow South Korean crypto exchange Flybit, Bizwatch reported. The two companies are reportedly in the final stages of discussion over details, including the sale of shares held by Flybit's CEO and largest shareholder, Kim Seok-jin. Flybit registered as a Virtual Asset Service Provider (VASP) in 2021 but later withdrew from the won-denominated market after failing to secure a required real-name account partnership with a bank.