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Global crypto exchange OKX is in discussions to acquire roughly 20% of Coinone, a South Korean digital-asset exchange, Yonhap News reported on May 15. Korea Investment & Securities, a domestic brokerage, is separately in talks to buy the same amount, meaning the two buyers could together account for around 40% of the exchange.
Coinone confirmed the conversations in a statement later that day. A company official said the exchange is discussing partnerships with multiple firms, including strategic equity investments, but that no decisions have been made.
Coinone's current ownership is concentrated among a handful of shareholders: The One Group holds 34.30%, Com2uS Holdings owns 21.95%, CEO Cha Myung-hoon holds 19.14%, and Com2uS Plus holds 16.47%. Cha founded Coinone and is also the largest shareholder of The One Group. Both The One Group and Com2uS Holdings currently exceed the 20% cap that South Korea's Financial Services Commission has agreed to apply to crypto exchange shareholders under the country's Digital Asset Basic Act, making a restructuring of some kind likely regardless of how the OKX talks conclude.
The proposed deal would give OKX its first licensed presence in South Korea, a market it has been unable to serve directly. In January 2026, OKX was removed from South Korean app stores alongside Binance and Bybit for failing to register with the country's Financial Intelligence Unit. The exchange was also reported to local authorities in 2024 by DAXA, a self-regulatory body whose members include Upbit, Bithumb, Korbit, Coinone, and Gopax, after it allegedly promoted its Jumpstart token-sale program to Korean users via Telegram influencers without holding a local registration.
The timing reflects a broader consolidation wave sweeping through South Korea's exchange market. On the same day, Hana Financial Group said it would acquire a 6.55% stake in Dunamu, the operator of dominant exchange Upbit, for approximately $727 million, citing plans to cooperate on foreign-currency remittances and a won-denominated stablecoin. Mirae Asset Consulting previously agreed to purchase 92.06% of smaller exchange Korbit for $96.7 million, a deal still under review by the Fair Trade Commission.
Coinone is a smaller player in the domestic market. Upbit holds roughly 71.6% of Korean crypto trading volume, with Bithumb accounting for approximately 25%; Coinone typically holds less than 5%. The exchange's appeal to potential buyers is its regulated status and existing infrastructure rather than market share.
Whether OKX can close a deal will partly depend on regulatory approval. The FSC's incoming ownership cap would in principle permit a 20% stake, but the agency retains discretion to allow exceptions of up to 34% through enforcement decree. No timeline for completing the discussions has been reported.
