WeHub to acquire South Korean crypto exchange Flybit

WeHub and its largest shareholder, Yang Jae-seok, chairman of JM Coffee Group, have agreed to acquire South Korean crypto exchange Flybit, the Busan Digital Asset Exchange (BDX) announced today. According to Maeil Business Newspaper, the acquisition price was not disclosed. Following the deal, WeHub will hold a 40% stake in Flybit, with Yang holding 25% and Flybit CEO Kim Seok-jin retaining 15%. 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.