Hassan Maishera
TL;DR
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OKX is reportedly looking to purchase a 20% stake in South Korean crypto exchange Coinone.
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Coinone had previously revealed plans to sell major stakeholder shares to overseas exchanges or local financial institutions.
OKX to Acquire a 20% Stake in Coinone
OKX is reportedly moving forward with plans to acquire a majority stake in South Korean crypto exchange Coinone, in partnership with Korea Investment & Securities Co., according to a Friday report from Yonhap News Agency.
Under the reported structure, OKX and Korea Investment & Securities would each acquire roughly 20% stakes in Coinone. The deal is expected to be structured through a new share issuance rather than the sale of existing equity, and would likely leave Coinone’s current management unchanged.
If completed, the transaction would make OKX the second major global exchange to secure a significant ownership position in a South Korean crypto platform, following Binance’s earlier investment in Gopax.
Coinone is one of only five South Korean exchanges authorized to provide fiat-to-crypto trading services, though the local market remains heavily dominated by Upbit and Bithumb.
The deal also comes after Coinone revealed in January that it was in talks to sell major stakeholder shares to overseas exchanges or local financial institutions amid a poor financial situation.
A Wave of Consolidation in South Korea’s Crypto Sector
The reported OKX deal comes amid a broader wave of consolidation and institutional investment in South Korea’s digital asset market.
Earlier the same day, banking group Hana Financial Group announced a $670 million investment in Dunamu, the parent company of Upbit.
Meanwhile, Mirae Asset previously revealed plans to acquire a 92% stake in Korbit, another major local exchange.
Together, the moves highlight increasing traditional finance participation in South Korea’s crypto infrastructure, alongside growing interest from global exchange operators.
South Korean authorities are also considering new rules that could reshape ownership structures in the sector. Proposed guidelines reportedly include a 34% cap on corporate ownership and a 20% cap on individual stakes in crypto exchanges as part of the upcoming Digital Asset Basic Act.
Current ownership data shows Coinone’s largest shareholder is The One Group with a 34.3% stake, while founder Cha Myung-hoon holds 19.14%. Other notable stakeholders include gaming company Com2uS Holdings with a 21.95% stake and its affiliate Com2uS Plus holding 16.47%.
