OKX Pursues 20% Stake in South Korean Exchange Coinone Amid Regulatory Reform
Key Takeaways
- OKX and Korea Investment & Securities are each seeking to acquire approximately 20% stakes in South Korean crypto exchange Coinone through new share issuance.
- If approved, OKX would become the second overseas exchange to hold a major stake in a South Korean platform after Binance's investment in Gopax.
- South Korean lawmakers are considering limiting corporate ownership in crypto exchanges to 34% and individual ownership to 20% under the proposed Digital Asset Basic Act.
- The deal follows major investments by Hana Financial Group acquiring a $670 million stake in Dunamu (Upbit's parent) and Mirae Asset purchasing a 92% stake in Korbit.
- OKX continues expanding beyond trading through stablecoin payment cards, an AI Agent Payments Protocol, and institutional custody partnerships with BitGo.
OKX is advancing negotiations to acquire a significant stake in Coinone, one of South Korea's licensed cryptocurrency exchanges, alongside Korea Investment & Securities, according to reports from Yonhap News Agency. Both parties are seeking to purchase approximately 20% stakes each in the platform.
Deal Structure and Regulatory Implications
The transaction is expected to involve the issuance of new shares rather than the transfer of existing holdings, a framework that would preserve Coinone's current management structure. If approved by South Korean regulators, OKX would become the second international exchange to secure ownership in a major South Korean trading platform, following Binance's earlier investment in Gopax.
Coinone operates as one of the few licensed exchanges in South Korea authorized to provide fiat-to-crypto trading services. However, market activity remains heavily concentrated among Upbit and Bithumb, which dominate the domestic trading landscape.
Wave of Foreign Investment in Korean Crypto Market
The reported OKX investment arrives amid a surge of institutional interest in South Korean digital asset platforms. Hana Financial Group recently confirmed plans to acquire a $670 million stake in Dunamu, the parent company of Upbit. Earlier this year, financial conglomerate Mirae Asset announced its intention to purchase a 92% stake in Korbit, another top-tier exchange operating in the country.
These developments signal growing institutional confidence in South Korea's regulated crypto market, which has implemented strict licensing requirements and operational standards for exchanges.
Proposed Ownership Restrictions Under Review
South Korean lawmakers are currently deliberating ownership limits for digital asset firms as part of the proposed Digital Asset Basic Act. According to local media reports, authorities are considering capping corporate ownership in crypto exchanges at 34%, while individual shareholders could face a 20% ceiling.
Coinone's existing ownership structure may already test these proposed thresholds. The One Group currently holds 34.3% of the exchange, while founder Cha Myung-hoon owns 19.14%. Cha is also identified as the largest shareholder in The One Group. Additionally, gaming company Com2uS Holdings controls a 21.95% stake, and its affiliated investment unit Com2uS Plus holds 16.47%, according to Yonhap.
OKX's Broader Expansion Strategy
The Coinone negotiations represent the latest move in OKX's aggressive global expansion across payments, institutional services, and blockchain infrastructure. The exchange recently disclosed transaction data from its OKX Card, a stablecoin-linked payment product developed with Mastercard and Circle support. During its first month in the European Economic Area, grocery purchases accounted for 26% of card transactions, with restaurants and online marketplaces representing additional significant activity.
In April, OKX launched its Agent Payments Protocol, an open framework enabling AI agents to execute commercial actions including payments, escrow, settlement, and dispute resolution across multiple blockchains. The protocol was developed with support from ecosystems including Ethereum, Base, Sui, Aptos, and Optimism.
The exchange has also prioritized institutional services through a partnership with BitGo, which integrated off-exchange settlement services in the United States. This arrangement allows institutional clients to trade while maintaining assets under third-party custody, addressing security and regulatory compliance concerns.
Market Positioning
The potential acquisition reflects OKX's strategy to secure regulatory-compliant market access in key jurisdictions while expanding its presence beyond traditional trading infrastructure into payments and institutional custody solutions. South Korea's stringent regulatory environment and established licensing framework make it an attractive market for international exchanges seeking long-term positioning in Asia.
DISCLAIMER
This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments involve substantial risk and extreme volatility - never invest money you cannot afford to lose completely. The author may hold positions in the cryptocurrencies mentioned, which could bias the presented information. Always conduct your own research and consider consulting a qualified financial advisor before making any investment decisions.
About Arthur J. Beckett
Core Developer at Coinasity.com | Blockchain Researcher
Leading the tech behind Coinasity, this account shares insights from a core dev focused on secure, scalable blockchain systems. Passionate about infrastructure, privacy, and emerging altcoin ecosystems.
