Cryptocurrency exchange FTX is on track to acquire South Korea’s leading cryptocurrency exchange Bithumb, according to a Bloomberg report released on Friday.

The deal is already in an advanced stage, according to anonymous sources familiar with the matter.

As for the value and financial terms have not yet been disclosed.

But it should be noted that both parties refused to comment on the deal.

In October 2018, Bithumb was acquired by BK Global Consortium, led by renowned plastic surgeon Dr. Kim Byung Joon, for $354 million.

In March, South Korean media outlet Naver reported that US banking giant Morgan Stanley was on course to acquire Bithumb for $441 million.

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But the deal did not happen.

Prior to this, some southern media reported that Nexon was also looking into acquiring Bitstamp.

In late June, Bloomberg reported that FTX was preparing to acquire trading app Robinhood.

Subsequently, the acquisition plan was denied.

FTX has been on a buying spree amid the ongoing meltdown of the crypto market.

Crypto company FTX recently reached an agreement with BlockFi, to acquire it for $240 million.

Earlier this month, Bankman-Fried told Reuters that his company had a few billion dollars to bail out troubled crypto firms.

FTX also plans to raise more money after inflating its valuation to $32 billion in January.

Currently it is not clear how much additional capital the crypto giant plans to raise.

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