Korbit ownership transfer finalized as Mirae Asset takes majority control
Following the completion of its purchase, Mirae Asset Consulting now holds the position of Korbit's primary stakeholder, while the cryptocurrency platform confirms continued operations and maintained security measures for user holdings.
Following the completion of all necessary regulatory processes, Mirae Asset Consulting—a subsidiary of one of the nation's premier financial conglomerates in South Korea—has finalized its purchase of a majority position in the South Korean digital currency platform Korbit, securing its position as the primary stakeholder of the exchange.
In an official statement released on Thursday through its website, Korbit confirmed that its operational structure will stay the same and that all services including trading activities, fund deposits, and withdrawal processes will proceed normally without any disruptions.
Additionally, the platform emphasized that user funds continue to be held separately in accordance with the requirements set forth by South Korea's Virtual Asset User Protection Act.
The deal, which was initially announced in February, saw Mirae Asset Consulting commit to purchasing a 92.06% ownership position in Korbit at a valuation of 133.48 billion won ($91 million) as part of its strategy to enter the digital asset sector. Completion of the deal required the fulfillment of various regulatory requirements prior to finalization.
As one of the five cryptocurrency trading platforms in South Korea authorized to operate with the Korean won, Korbit plays a significant role in the domestic market. Crypto exchanges operating in the country are required to establish banking relationships that enable them to offer fiat currency deposit and withdrawal services. South Korea ranks among the globe's most vibrant retail cryptocurrency trading markets, with platforms deriving a substantial portion of their income from transaction fees charged to traders.