Key Takeaways
- • OKX Ventures and Korea Investment & Securities each acquired a 20% stake in Coinone, South Korea's third-largest won-based crypto exchange, for approximately $50–53 million per investor (combined $106 million total investment).
- • The transaction uses a mix of newly issued shares and existing shares sold by Coinone CEO Cha Myung-hoon and Com2uS Holdings; post-deal ownership sees Cha retain ~30%, Com2uS Holdings ~24.5%, and the two new investors hold 20% each as joint third-largest shareholders.
- • The investment signals a narrowing of the gap between crypto and traditional finance in South Korea, with a major Seoul-based brokerage and global crypto exchange jointly backing a domestic exchange.
- • The deal arrives as Coinone received regulatory relief: the Seoul Administrative Court paused a three-month partial business suspension imposed in April by South Korea's Financial Intelligence Unit over KYC compliance failures, pending case review.
- • Coinone holds approximately 6.6% market share among South Korea's five won-based crypto exchanges, ranking third behind Upbit and Bithumb, positioning the new investors in a top-three domestic market player.
Summary
Korea Investment & Securities, a Seoul-based brokerage and investment bank, and OKX Ventures, the investment arm of global crypto exchange OKX, have each acquired a 20% stake in Coinone, a major South Korean crypto exchange. The combined investment totals approximately $106 million, with each investor committing $50–53 million. The transaction combines newly issued shares with existing shares divested by Coinone CEO Cha Myung-hoon and Com2uS Holdings, a Korean gaming company that has historically been among Coinone's largest shareholders.
The deal reshapes Coinone's shareholder structure, with CEO Cha maintaining the largest individual position at approximately 30%, followed by Com2uS Holdings at 24.5%. Korea Investment & Securities and OKX Ventures become joint third-largest shareholders at 20% each. This capital infusion represents a strategic convergence of traditional finance and crypto markets in South Korea, positioning the local brokerage and a global crypto platform as major stakeholders in one of the country's principal won-denominated exchanges.
The timing of the investment coincides with regulatory relief for Coinone. In mid-April, South Korea's Financial Intelligence Unit levied a $3.5 million fine and imposed a three-month partial business suspension on the exchange for failing to properly verify the identities of approximately 70,000 users in violation of KYC requirements. However, the Seoul Administrative Court subsequently paused the suspension pending case review, citing potential irreparable harm to the exchange if the penalty remained in force.
Coinone ranks third among South Korea's five won-based crypto exchanges by market share, controlling approximately 6.6% of the domestic market, behind Upbit and Bithumb. The entrance of Korea Investment & Securities, a major Korean brokerage, into the shareholder base underscores growing institutional acceptance of cryptocurrency assets in South Korea and reflects regulatory momentum favoring expanded participation by traditional financial entities and professional investors in the crypto sector.
The deal reshapes Coinone's shareholder structure, with CEO Cha maintaining the largest individual position at approximately 30%, followed by Com2uS Holdings at 24.5%. Korea Investment & Securities and OKX Ventures become joint third-largest shareholders at 20% each. This capital infusion represents a strategic convergence of traditional finance and crypto markets in South Korea, positioning the local brokerage and a global crypto platform as major stakeholders in one of the country's principal won-denominated exchanges.
The timing of the investment coincides with regulatory relief for Coinone. In mid-April, South Korea's Financial Intelligence Unit levied a $3.5 million fine and imposed a three-month partial business suspension on the exchange for failing to properly verify the identities of approximately 70,000 users in violation of KYC requirements. However, the Seoul Administrative Court subsequently paused the suspension pending case review, citing potential irreparable harm to the exchange if the penalty remained in force.
Coinone ranks third among South Korea's five won-based crypto exchanges by market share, controlling approximately 6.6% of the domestic market, behind Upbit and Bithumb. The entrance of Korea Investment & Securities, a major Korean brokerage, into the shareholder base underscores growing institutional acceptance of cryptocurrency assets in South Korea and reflects regulatory momentum favoring expanded participation by traditional financial entities and professional investors in the crypto sector.
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