OKX Reportedly Eyes Coinone Stake Amid South Korea Crypto Race

Global crypto exchange OKX is reportedly in talks with Korea Investment & Securities to take a major stake in Coinone, marking the latest shakeup in South Korea’s tightly regulated crypto exchange market.

According to a Friday report by Korean media outlet Yonhap, the two firms are discussing plans to each acquire around 20% of Coinone, mainly through the issuance of new shares rather than the sale of existing stock, a structure that would inject fresh capital while initially leaving management control largely unchanged.

In early April, Korean media reported that Korea Investment & Securities was reviewing a possible acquisition of a stake in Coinone as part of a broader push into digital assets, and that no final decision had been made.

The reported deal would give OKX a foothold in one of Asia’s largest won-denominated crypto markets, as South Korean regulators intensify scrutiny of local exchanges over anti-money-laundering (AML) controls and ownership rules.

Coinone faces tighter AML scrutiny from regulators

On April 13, South Korean authorities fined Coinone about $3.5 million and ordered a three-month partial business suspension over serious AML failures, including deficient customer verification and dealings with unregistered overseas exchanges.

South Korea’s Financial Services Commission details strengthened 2026 AML oversight. Source: FSC

Even so, Coinone remains one of the country’s five main won-trading venues, alongside Upbit, Bithumb, Korbit and Gopax, making any sizable reported stake a potential entry point in one of Asia’s most important crypto markets.

Related: South Korea crypto holdings halve in a year as investors turn to stock market

The reported approach follows earlier interest from other global players this year. In January, several local outlets reported that Coinbase was weighing an equity investment in Coinone, as its controlling shareholder explored a partial sale; however, no Coinbase deal was announced.

Cointelegraph reached out to Korea Investment & Securities for comment, but did not receive a response by publication. OKX declined to comment on the matter.

Korean financial giants deepen bets on crypto exchanges

Domestic financial groups, meanwhile, are moving aggressively to lock down platforms of their own. In February, Mirae Asset Consulting agreed to buy a 92.06% stake in Korbit for 133.48 billion won (about $93 million), effectively taking control of the smaller exchange as part of Mirae Asset Group’s digital asset push.

On Friday, Hana Financial Group said it will invest roughly 1.003 trillion won (about $668 million) to acquire a 6.55% stake in Dunamu Inc., operator of one of Korea’s biggest crypto exchanges, Upbit, with the deal slated to close in mid-June as a long-term strategic bet on crypto infrastructure and related services.

The transactions highlight growing competition among both foreign exchanges and domestic financial firms to secure positions in South Korea’s tightly regulated crypto market.

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