By Adeline Gibbs (Italy)
The deal between the cryptocurrency exchange Bithumb and BK Global Consortium has still not completed. According to the deal, Bithumb was supposed to be sold to BK Global Consortium and the deal was going to complete in the month of September but today is the last day of September and the exchange has not yet sold.
According to the contract, BK Global Consortium had to purchase the exchange along with 50 percent of BTC Korea holdings.
The deal has been extended twice. Firstly, the deal was going to complete in February but then the date extended till the month of April. But also in April, the final payment was not completed and the date was postponed to the September month.
In April, the BK group was going to purchase the South Korean exchange for $353M. But in April, the BK Global Consortium, which is led by the chairman Kim Byung Gun decided to postpone the purchase of the exchange till September. The Consortium had increased its share of BTC Korea holdings to 70%.
Also read:As the officials of Bithumb reported back in April:
BXA decided to increase its stake in BTC Korea Holdings up to 70%, and the payment date was delayed six months later.
BK group had some financial issues which may have caused this extension in the deal. BK Consortium gave the reason behind delaying this date. They said that they were financing the acquisitions from investors. As the BXA said in a telegram:
The BK Global Consortium is in the process of financing the acquisition from investors all over the world.
The Bithumb had faced some withdrawal issues during this time. It was reported that these withdrawal issues may have affected the acquisition proceedings.
BK Global Consortium has not completed its payment and the deadline has almost passed because today is the last day of September month and with the end of 30th Sep, the deadline will end. And it does not seem that this deal will go anywhere further.
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