FocusAI is in talks to acquire South Korean cryptocurrency exchange Flybit.

CoinFeed reported on May 21 that, according to BizWatch, FocusAI, the largest shareholder of the Busan Digital Asset Exchange, is seeking to acquire Flybit, another South Korean cryptocurrency exchange. The two companies are reportedly in final discussions regarding the details of the transaction, which includes the sale of shares held by Flybit CEO and largest shareholder Kim Seok-jin. Flybit registered as a virtual asset service provider in 2021 but subsequently withdrew from the Korean won-denominated market after failing to establish the necessary real-name account partnerships with banks.