OKX is reportedly negotiating to acquire a 20% stake in the South Korean cryptocurrency exchange Coinone, according to a recent report from Yonhap News Agency. In a parallel move, Korea Investment & Securities is also seeking a similar 20% stake in the upcoming transaction.
Rather than selling existing shares, Coinone is expected to issue new shares as part of this deal. The investment is anticipated not to influence the management structure of the exchange significantly. The Block has reached out to OKX for further information but had not received a response by the time of publication.
If finalized, this acquisition would position OKX as the second major global exchange to hold a substantial share in a South Korean digital asset platform, following Binance’s acquisition of Gopax earlier. Coinone is one of only five South Korean exchanges licensed to provide fiat-to-crypto trading, although the market is predominantly led by Upbit and Bithumb.
Coinone’s ownership structure reveals that The One Group currently owns the largest share at 34.3%, with founder Cha Myung-hoon holding 19.14% personally. Furthermore, gaming company Com2uS Holdings has a 21.95% stake, along with its investment affiliate, Com2uS Plus, which owns an additional 16.47%.
In related news, Hana Financial, a banking conglomerate, recently announced plans to acquire a stake valued at $668 million in Dunamu, the parent company of another major exchange, Upbit. Additionally, in February, Mirae Asset acquired a 92% stake in Korbit, making a concerted push within the South Korean digital asset landscape.
Amid these developments, South Korean financial authorities are discussing ownership caps for cryptocurrency exchanges under the forthcoming Digital Asset Basic Act. Reports suggest the possibility of imposing a maximum stake of 34% for corporate entities and 20% for individuals, which could affect future investments and acquisitions in the sector.
