OKX Pursues Ownership Position in Coinone Exchange Amid South Korean Market Expansion
Cryptocurrency exchange OKX is pursuing approximately 20% ownership in Coinone, a South Korean digital asset platform, amid intensifying competition among international and local companies for access to the Korean market.
International cryptocurrency platform OKX is engaged in negotiations with Korea Investment & Securities regarding a significant ownership position in Coinone, representing the most recent development in South Korea's strictly regulated digital currency exchange landscape.
Based on a Friday report from Yonhap, a Korean news agency, the pair of companies are in discussions about acquiring approximately 20% stakes in Coinone each, primarily via the creation of new shares instead of purchasing existing equity, an arrangement designed to bring in new funding while maintaining current management authority largely intact for the time being.
During the beginning of April, media sources in Korea disclosed that Korea Investment & Securities was evaluating a potential stake purchase in Coinone as an element of a wider expansion into digital currency markets, and that a final determination had not yet been reached.
The potential transaction would provide OKX with access to one of Asia's most significant won-based cryptocurrency trading environments, occurring as South Korean regulatory bodies increase their examination of domestic platforms regarding anti-money-laundering (AML) compliance measures and ownership regulations.
Coinone faces tighter AML scrutiny from regulators
On April 13, regulatory authorities in South Korea imposed a fine of approximately $3.5 million on Coinone and mandated a partial suspension of business operations for three months due to significant AML compliance violations, encompassing inadequate customer verification procedures and transactions with unregistered international exchanges.
Despite these challenges, Coinone continues to be among the nation's five principal won-denominated trading platforms, together with Upbit, Bithumb, Korbit and Gopax, positioning any substantial reported ownership interest as a possible gateway into one of Asia's most strategically significant cryptocurrency trading markets.
The reported interest comes after previous attention from additional international participants earlier this year. During January, multiple domestic news sources indicated that Coinbase was considering an equity position in Coinone, while its majority shareholder evaluated a partial divestment; nevertheless, no transaction involving Coinbase was ultimately disclosed.
Cointelegraph contacted Korea Investment & Securities requesting commentary, but had not obtained a reply before publication. OKX refused to provide comment regarding the situation.
Korean financial giants deepen bets on crypto exchanges
Meanwhile, domestic financial conglomerates are advancing forcefully to secure ownership of platforms themselves. During February, Mirae Asset Consulting reached an agreement to purchase a 92.06% ownership stake in Korbit for 133.48 billion won (approximately $93 million), essentially assuming control of the smaller platform as a component of Mirae Asset Group's digital currency expansion strategy.
On Friday, Hana Financial Group announced it would commit approximately 1.003 trillion won (roughly $668 million) toward acquiring a 6.55% ownership position in Dunamu Inc., the company operating one of Korea's largest cryptocurrency trading platforms, Upbit, with the transaction expected to be finalized in mid-June as a long-term strategic investment in crypto infrastructure and associated services.
These transactions underscore escalating rivalry between international exchanges and domestic financial institutions to establish positions within South Korea's rigorously regulated cryptocurrency marketplace.