Focus AI Advances Share Acquisition of South Korean Crypto Exchange Flata

According to Bizwatch, Focus AI, BDAN's largest shareholder, is advancing negotiations to acquire the shares held by Flata's representative director Kim Seokjin. Flata, originally established in 2017, was rebranded after being taken over by Kim Seokjin in 2020 and completed virtual asset service provider (VASP) registration in 2021. The exchange has withdrawn from the Korean won market due to failure to establish real-name account partnerships with banks and currently focuses on the USDT market.

The acquisition aims to improve financial stability and drive company normalization. If completed, Focus AI plans to integrate cryptocurrency, real-world asset (RWA), and tokenized securities businesses. The deal remains subject to regulatory approval from South Korea's Financial Intelligence Unit (FIU).