OKX is in negotiations to acquire a 20% stake in Coinone, one of South Korea’s five authorized crypto exchanges for fiat-crypto trading. This move, in partnership with Korea Investment & Securities, could reshape the exchange landscape in Asia.
🔑 Key Takeaways
- OKX and Korea Investment & Securities are each negotiating 20% of Coinone.
- New shares will be issued, with no change in Coinone’s management.
- Coinone is one of five authorized exchanges in South Korea.
- This follows similar investments in Upbit and Korbit.
Details of the OKX-Coinone Deal
Introductory paragraph… OKX and Korea Investment & Securities aim to each take 20% of Coinone. The transaction will be through new share issuance, meaning existing shareholders are not selling their stakes. Coinone’s management will remain unchanged.
This structure makes OKX the second international exchange to hold a major stake in a South Korean platform, after Binance acquired Gopax.
| Shareholder | Current Stake |
|---|---|
| The One Group | 34.3% |
| Com2uS Holdings | 21.95% |
| Cha Myung-hoon (Founder) | 19.14% |
| Com2uS Plus | 16.47% |
This move comes after Hana Bank’s $670 million investment in Upbit and Mirae Asset’s acquisition of Korbit.
Coinone’s Position in the South Korean Exchange Market
Coinone is one of five authorized exchanges in South Korea permitted to offer fiat-crypto trading services. However, the market is dominated by Upbit and Bithumb, which together hold over 80% of the market share.
The five authorized exchanges are: Upbit, Bithumb, Coinone, Korbit, and Gopax (acquired by Binance).
- Upbit: Market leader, backed by Dunamu.
- Bithumb: Second-largest exchange, owned by Bithumb Holdings.
- Coinone: In a secondary position but growing.
- Korbit: Acquired by Mirae Asset in February 2026.
- Gopax: Acquired by Binance.
Wave of Investments and Regulatory Implications
The past few weeks have seen a series of major investments in South Korean exchanges. Beyond the OKX-Coinone deal, Hana Bank announced a $670 million investment in Dunamu, Upbit’s parent company. In February, Mirae Asset acquired 92% of Korbit.
These moves come as financial authorities prepare the Digital Asset Basic Act. A proposed bill sets ownership caps at 34% for corporations and 20% for individuals in exchanges. This regulation could force some current shareholders to reduce their stakes.
The adoption of the Digital Asset Basic Act could restructure the South Korean exchange market, imposing ownership limits and driving consolidation.
Conclusion
Potential acquisition of 20% of Coinone by OKX highlights the growing influence of international exchanges in South Korea’s regulated market. This deal, combined with investments from Hana Bank and Mirae Asset, suggests a consolidation phase in the local crypto industry.
In the long run, if the Digital Asset Basic Act’s ownership caps are enforced, players like OKX and Binance may need to adjust their positions. However, for now, this investment dynamic underscores the attractiveness of the South Korean market, despite its dominance by Upbit and Bithumb.
This article is published for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decisions.
