Cryptocurrency exchange giant Bybit is in talks to acquire Korbit, one of the oldest crypto exchanges in South Korea, according to media reports in the country.

Bybit, the second-largest crypto exchange, met with Korbit executives, Maeil Business reported, citing sources in the virtual asset industry. Korbit told the newspaper: "We cannot comment on ongoing matters."

“We have noticed the market rumors regarding a potential acquisition of Korbit, but this is not within our knowledge," a Bybit spokesperson told CoinDesk. "Please stay tuned to our official website for any future updates.”

A softening of stance by regulators in the country, such as the Korea Financial Intelligence Unit (KoFIU) and Financial Services Commission (FSC), is allowing for more foreign firms to buy local exchanges, Maeil Business said.

Binance, Bybit's larger rival, recently completed the acquisition of South Korean crypto exchange Gopax, marking its return to the country market after clearing regulatory hurdles spanning a two-year period.

Korbit, which is headquartered in the Gangnam-gu district of Seoul, was founded in 2013. In 2017, it was acquired by Korean game developer Nexon ( NEXOF ).