Key Takeaways
- • OKX, one of the world's largest cryptocurrency exchanges, is partnering with Korea Investment & Securities to acquire approximately 20% stakes each in Coinone, South Korea's major crypto trading venue, through new share issuance rather than secondary market purchases.
- • The combined 40% stake acquisition by OKX and Korea Investment & Securities represents a significant foreign and traditional finance entry into South Korea's crypto market, following Binance's 2025 acquisition of Seoul-based Gopax.
- • Korea Investment & Securities' participation signals growing appetite among South Korean institutional brokerages to establish direct crypto trading operations, mirroring Mirae Asset's concurrent pursuit of a stake in competitor exchange Korbit.
- • The transaction structure involves newly issued shares rather than existing equity purchases, indicating Coinone is raising capital to support expansion and regulatory positioning in a maturing market.
- • OKX's South Korean market entry via a domestic securities partner suggests a localized regulatory strategy, contrasting with Binance's full acquisition approach and positioning the exchange to navigate Seoul's institutional investor base.
Summary
OKX, the San Jose-headquartered cryptocurrency exchange and one of the world's largest digital asset trading platforms, is partnering with Seoul-based investment bank Korea Investment & Securities to establish a significant presence in South Korea's crypto market through a joint stake acquisition in Coinone, one of the country's largest crypto exchanges. According to multiple sources citing industry reports, the two companies are in advanced discussions to each acquire approximately 20% of Coinone, representing a combined 40% equity position.
The investment structure differs from typical M&A activity in that the stakes will be purchased through newly issued shares rather than acquisition of existing equity, indicating that Coinone is conducting a capital raise. This approach provides the exchange with fresh capital while allowing both investors to establish substantial ownership positions without displacing current shareholders. The transaction has not yet been formally announced or confirmed by the companies involved, as both OKX and Korea Investment & Securities have declined immediate comment on the negotiations.
South Korea's crypto exchange landscape remains highly competitive, with Coinone operating alongside major rivals including Upbit, Bithumb, and CoinW. OKX's entry strategy—leveraging a domestic institutional partner rather than executing a full acquisition—represents a more measured approach than that adopted by Binance, the world's largest crypto exchange by volume. Binance completed its acquisition of Seoul-based competitor Gopax in 2025 after initially acquiring a majority stake two years prior, establishing full operational control of the platform.
Korea Investment & Securities' direct participation in the Coinone deal signals a broader institutional pivot toward crypto trading operations among South Korean traditional finance firms. This mirrors the strategy of Mirae Asset, another prominent South Korean financial services company, which is simultaneously pursuing a stake investment in competitor exchange Korbit. The trend reflects growing recognition that cryptocurrency trading has matured from a speculative retail phenomenon into an institutional asset class requiring licensed financial infrastructure.
OKX's South Korean market entry via local institutional partnership positions the exchange to access both retail and institutional investor bases while navigating the region's regulatory environment through an established domestic securities firm. The timing comes as The Korea Exchange has begun collecting market opinions from approximately 28 companies, including major domestic securities firms, regarding potential cryptocurrency platform developments, suggesting broader regulatory engagement with the sector.
The investment structure differs from typical M&A activity in that the stakes will be purchased through newly issued shares rather than acquisition of existing equity, indicating that Coinone is conducting a capital raise. This approach provides the exchange with fresh capital while allowing both investors to establish substantial ownership positions without displacing current shareholders. The transaction has not yet been formally announced or confirmed by the companies involved, as both OKX and Korea Investment & Securities have declined immediate comment on the negotiations.
South Korea's crypto exchange landscape remains highly competitive, with Coinone operating alongside major rivals including Upbit, Bithumb, and CoinW. OKX's entry strategy—leveraging a domestic institutional partner rather than executing a full acquisition—represents a more measured approach than that adopted by Binance, the world's largest crypto exchange by volume. Binance completed its acquisition of Seoul-based competitor Gopax in 2025 after initially acquiring a majority stake two years prior, establishing full operational control of the platform.
Korea Investment & Securities' direct participation in the Coinone deal signals a broader institutional pivot toward crypto trading operations among South Korean traditional finance firms. This mirrors the strategy of Mirae Asset, another prominent South Korean financial services company, which is simultaneously pursuing a stake investment in competitor exchange Korbit. The trend reflects growing recognition that cryptocurrency trading has matured from a speculative retail phenomenon into an institutional asset class requiring licensed financial infrastructure.
OKX's South Korean market entry via local institutional partnership positions the exchange to access both retail and institutional investor bases while navigating the region's regulatory environment through an established domestic securities firm. The timing comes as The Korea Exchange has begun collecting market opinions from approximately 28 companies, including major domestic securities firms, regarding potential cryptocurrency platform developments, suggesting broader regulatory engagement with the sector.
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