Nexon will not be acquiring the leading South Korean cryptocurrency exchange Bithumb, as previously reported in local media.

In an email to Cointelegraph, a Nixon spokesman said the company “has not invested in Bithumb and has no plans to buy that company.” The email states that the allegations suggesting the opposite are due to an “inaccurate news report last week”. “We cannot comment on the investment plans of other companies,” the spokesman added.

The alleged sale of the exchange has been said to have been on the agenda since the end of August 2020, with initial offers to be made in September. However, the process, if it has already begun, appears complicated due to the ongoing police investigation involving Lee Jong Hoon, president of Bithumb Korea and Bithumb Holdings.

A parallel investigation into fraud allegations against the Bithumb leader also raised questions about the exchange’s ability to obtain the legally required registration as a crypto organization with Korean authorities, as well as alleged plans to launch the first initial public offering (IPO) announced in June 2020.

Despite at least two police raids on exchange offices associated with these investigations, the exchange remains popular in the Korean cryptocurrency market and is currently the sixth-largest platform in the industry in terms of daily turnover, according to CoinMarketCap.

Source: CoinTelegraph