Key Takeaways
- • OKX and Korea Investment & Securities are in advanced discussions to each acquire approximately 20% of Coinone, South Korea's major cryptocurrency exchange, through new share issuance rather than secondary market purchases.
- • The combined 40% stake would represent a significant consolidation play in South Korea's tightly regulated crypto trading market, where current CEO Cha Myung-hoon holds 53.44% ownership.
- • Korea Investment & Securities, an $8.5 billion Seoul-based brokerage, is making its strategic entry into cryptocurrency trading via this Coinone investment, mirroring traditional finance institutions' broader pivot toward digital assets.
- • OKX's South Korean expansion follows Binance's 2025 acquisition of Seoul-based Gopax, signaling accelerating competition among global crypto exchanges to establish footholds in Asia's regulated markets.
- • The deal structure addresses emerging regulatory constraints in South Korea, where new rules may impose ownership limits on major shareholders—making new equity issuance the preferred mechanism over existing share buyouts.
Summary
OKX, one of the world's largest cryptocurrency exchanges, and Korea Investment & Securities, a major Seoul-based investment bank, are negotiating to jointly acquire a significant stake in Coinone, one of South Korea's premier digital-asset trading platforms. According to Yonhap News, the two companies plan to purchase approximately 20% each through newly issued shares, potentially giving them combined 40% ownership of the exchange.
The transaction structure reflects strategic sophistication regarding South Korea's evolving regulatory environment. Rather than acquiring existing shares, the parties have opted for new equity issuance—a mechanism that accommodates anticipated regulatory restrictions on individual shareholder concentration. Coinone's current CEO, Cha Myung-hoon, controls 53.44% of outstanding shares, but incoming regulatory rules may establish upper limits for major stakeholder positions, making the new issuance approach more palatable to regulators.
Korea Investment & Securities' entry into the crypto sector represents a broader institutional trend among traditional finance firms seeking exposure to digital assets. The brokerage's $8.5 billion market position underscores the significance of legacy finance entities legitimizing cryptocurrency trading venues through direct investment. This mirrors a comparable move by Mirae Asset, another prominent Korean securities firm, which is finalizing its acquisition of Korbit, another major domestic exchange.
OXK's planned South Korean expansion echoes Binance's market entry strategy. The world's largest crypto exchange completed its acquisition of Seoul-based Gopax in 2025, first having secured a majority stake two years prior. This sequencing demonstrates how global exchanges are methodically establishing regulatory compliance and operational infrastructure in Asia's largest advanced economies before scaling positions.
The investment would provide both OXK and Korea Investment & Securities meaningful access to Coinone's trading volumes and user base, while positioning them favorably within South Korea's regulatory framework as compliance rules continue to mature. None of the parties involved provided immediate comment to confirm deal details.
The transaction structure reflects strategic sophistication regarding South Korea's evolving regulatory environment. Rather than acquiring existing shares, the parties have opted for new equity issuance—a mechanism that accommodates anticipated regulatory restrictions on individual shareholder concentration. Coinone's current CEO, Cha Myung-hoon, controls 53.44% of outstanding shares, but incoming regulatory rules may establish upper limits for major stakeholder positions, making the new issuance approach more palatable to regulators.
Korea Investment & Securities' entry into the crypto sector represents a broader institutional trend among traditional finance firms seeking exposure to digital assets. The brokerage's $8.5 billion market position underscores the significance of legacy finance entities legitimizing cryptocurrency trading venues through direct investment. This mirrors a comparable move by Mirae Asset, another prominent Korean securities firm, which is finalizing its acquisition of Korbit, another major domestic exchange.
OXK's planned South Korean expansion echoes Binance's market entry strategy. The world's largest crypto exchange completed its acquisition of Seoul-based Gopax in 2025, first having secured a majority stake two years prior. This sequencing demonstrates how global exchanges are methodically establishing regulatory compliance and operational infrastructure in Asia's largest advanced economies before scaling positions.
The investment would provide both OXK and Korea Investment & Securities meaningful access to Coinone's trading volumes and user base, while positioning them favorably within South Korea's regulatory framework as compliance rules continue to mature. None of the parties involved provided immediate comment to confirm deal details.
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