[Executive Summary]

• According to internal sources, we have learned that Binance and FTX are expected to enter the Korean market independently early next year. The negotiation between FTX and Bithumb, regarding the takeover of Bithumb by FTX, has come to a termination. FTX made a proposal of taking over Bithumb with 500,000,000,000 KRW, or about 354 million USD, and Bithumb rejected the offer. Having entered into MOUs with the city of Busan recently, the virtual assets exchanges are expected to enter into the Korean market independently early next year.

Binance and FTX are expected to enter the Korean market independently early next year, according to internal sources. We have learned from these sources that the negotiation between FTX and Bithumb, regarding the takeover of Bithumb by FTX, has come to a termination. FTX made a proposal of taking over Bithumb with 500,000,000,000 KRW, or about 354 million USD, and Bithumb rejected the offer.

Both Binance and FTX have recently entered into MOUs with the city of Busan, promising to provide technological and infrastructural assistance and cooperating in various businesses areas of blockchain and the establishment of virtual assets exchange in Busan. According to the internal sources, Binance and FTX are expected to enter into Korea independently early next year.

Once the largest VASPs in the world enter (or reenter) Korea, the dynamics of the Korean virtual assets market, along with institutional policies, could change. It's critical to keep a close eye on the situation.