South Korean gaming conglomerate Nexon rejects intentions to buy Bithumb.

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Reports last week suggested that Nexon was poised to buy the exchange at an expected price of approximately $460 million.

Global gaming conglomerate Nexon will not buy the leading South Korean crypto exchange Bithumb, as previously reported in local media.

In an e-mail to Cointelegraph, a spokesperson for Nexon claimed that the firm “has not invested in Bithumb and has no plans to acquire that company.” The e-mail explained that the allegations to the contrary had arisen from “an inaccurate news account last week.” “We cannot comment on the investment plans of other companies,” the representative continued.

The prospective sale of the exchange is said to have been on the agenda since late August 2020, with tentative bidding ostensibly taking place in September. However, the procedure, if underway, seems to be troubled by the pending police investigation involving Lee Jung Hoon, Chairman of the Board of Bithumb Korea and Bithumb Holdings.

A concurrent prosecution of the Bithumb executive on charges of fraud has posed a question mark as to the exchange prospects for legally needed recognition as a crypto company with the Korean authorities, as well as the rumoured proposals to conduct an initial public offering reported in June 2020.

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Despite at least two raids by the exchange offices related to these investigations, the exchange remains prominent in the Korean crypto market and is currently the 6th largest site in the industry worldwide for daily traded volumes, according to CoinMarketCap statistics.

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