TechFlow News, May 21: According to Bizwatch, South Korean cryptocurrency exchange Flata is advancing a share sale. BDAN’s largest shareholder, Focus AI, is reportedly in final negotiations to acquire shares held by Flata’s representative director, Kim Seokjin.
Flata was formerly the Korea Digital Exchange, established in 2017. In 2020, it was acquired by Kim Seokjin and renamed Flata; it completed registration as a Virtual Asset Service Provider (VASP) in 2021. Due to its failure to secure a real-name bank account partnership, Flata has exited the KRW market and currently focuses on the USDT market.
The report states that this transaction aims to improve financial stability and restore normal corporate operations. If the acquisition is completed, Focus AI plans to integrate cryptocurrency, real-world assets (RWA), and tokenized securities businesses. The final transaction remains subject to approval by the Korea Financial Intelligence Unit (FIU) for its major shareholder change filing review.
