Key Takeaways
- • OKX and Korea Investment & Securities are in talks to jointly acquire approximately 40% of Coinone (20% each), one of South Korea's largest cryptocurrency exchanges, in a deal valued at $444 million.
- • The investment would be structured as new share issuance rather than acquisition of existing shares, providing fresh capital to Coinone.
- • OKX's entry into South Korea mirrors Binance's 2025 acquisition of Seoul-based Gopax, signaling major global crypto exchanges' strategic focus on the Korean market.
- • Korea Investment & Securities' participation represents traditional finance (TradFi) sector entry into crypto trading, following Mirae Asset's similar efforts with Korbit acquisition.
- • The deal remains subject to ongoing discussions with no final confirmation; Coinone stated talks are continuing but no deal has been finalized as of the reporting date.
Summary
OKX, one of the world's largest cryptocurrency exchanges headquartered in San Jose, California, is negotiating with Seoul-based investment bank Korea Investment & Securities to acquire a substantial stake in Coinone, a major South Korean digital-asset trading venue. According to reports citing industry sources, the two parties are discussing a joint acquisition whereby each would purchase approximately 20% of Coinone, bringing their combined stake to 40%. The transaction is valued at $444 million and would take the form of newly issued shares rather than purchases of existing equity, effectively providing fresh capital injection to the exchange.
Coinone ranks among South Korea's largest cryptocurrency trading platforms, alongside competitors including Upbit, Bithumb, and CoinW. The proposed investment represents OKX's strategic entry into the South Korean market, a move that directly parallels Binance's acquisition strategy in the region. Binance, the world's largest crypto exchange, completed its acquisition of Seoul-based Gopax last year, having first acquired a majority stake two years prior. This pattern underscores the Korean market's significance for global cryptocurrency infrastructure players seeking regional expansion and regulatory compliance.
The involvement of Korea Investment & Securities in the deal carries additional strategic weight, as it demonstrates traditional financial institutions' growing interest in cryptocurrency trading operations. This mirrors Mirae Asset's parallel efforts to enter the crypto trading sector through its acquisition of exchange Korbit, illustrating a broader trend of TradFi entities establishing cryptocurrency market presence through exchange acquisitions.
As of the reporting date in May 2026, none of the firms involved had confirmed final agreement. Coinone acknowledged that discussions were ongoing but stated that no deal had been finalized, while Korea Investment & Securities previously indicated it was reviewing opportunities in the digital asset sector without reaching a definitive decision. The transaction remains subject to completion of negotiations and likely regulatory approval processes.
Coinone ranks among South Korea's largest cryptocurrency trading platforms, alongside competitors including Upbit, Bithumb, and CoinW. The proposed investment represents OKX's strategic entry into the South Korean market, a move that directly parallels Binance's acquisition strategy in the region. Binance, the world's largest crypto exchange, completed its acquisition of Seoul-based Gopax last year, having first acquired a majority stake two years prior. This pattern underscores the Korean market's significance for global cryptocurrency infrastructure players seeking regional expansion and regulatory compliance.
The involvement of Korea Investment & Securities in the deal carries additional strategic weight, as it demonstrates traditional financial institutions' growing interest in cryptocurrency trading operations. This mirrors Mirae Asset's parallel efforts to enter the crypto trading sector through its acquisition of exchange Korbit, illustrating a broader trend of TradFi entities establishing cryptocurrency market presence through exchange acquisitions.
As of the reporting date in May 2026, none of the firms involved had confirmed final agreement. Coinone acknowledged that discussions were ongoing but stated that no deal had been finalized, while Korea Investment & Securities previously indicated it was reviewing opportunities in the digital asset sector without reaching a definitive decision. The transaction remains subject to completion of negotiations and likely regulatory approval processes.
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