OKX and Korea Investment & Securities are in talks to buy roughly 20% of Coinone each, Yonhap News reported on May 15. Coinone confirmed discussions with multiple firms but said nothing has been finalized. The deal would use newly issued shares, bringing fresh capital into Coinone rather than buying out existing holders. Korea Investment & Securities denied a final agreement.
If it closes, OKX becomes the second global exchange with a major stake in a Korean platform. Binance bought Gopax in 2024. Mirae Asset acquired 92% of Korbit in February. Hana Bank paid $670 million for 6.55% of Dunamu, Upbit’s parent, on the same day this news broke. Four deals. Four exchanges. One quarter.
Why Coinone and Why Now
Coinone is one of five Korean exchanges licensed to offer fiat-to-crypto trading. Upbit and Bithumb dominate volume, but Coinone holds a regulated seat that cannot be easily replicated. Its shareholder structure: The One Group at 34.3%, Com2uS Holdings at 21.95%, founder Cha Myung-hoon at 19.14%, and Com2uS Plus at 16.47%. Several of those stakes exceed the incoming ownership cap, which means restructuring is coming regardless of whether OKX gets involved. When exchanges face ownership uncertainty, risk goes up. Zonda’s founder disappeared and left 4,500 BTC locked in a cold wallet. Nobody wants that scenario. Bringing in a global exchange and a domestic securities firm as anchor shareholders stabilizes the cap table before regulators force the issue.
The 20% Ownership Cap Changes Everything
South Korea’s Financial Services Commission agreed to cap crypto exchange ownership at 20% for corporations and 20% for individuals under the upcoming Digital Asset Basic Act. Exceptions up to 34% may be allowed through enforcement decrees. That cap is the reason for the land grab. Every financial institution that wants a piece of Korea’s crypto infrastructure has a narrow window to get in before the rules lock down.
Korea is not a small market. XRP volume on Upbit hit $330 million in 24 hours this week, beating Bitcoin and Ethereum on the same platform. Korean retail has driven over $1 billion in trading volume from a single product launch. Any exchange with a licensed Korean seat is sitting on access to one of the most active retail trading populations in the world.
What OKX Gets and What It Gives Up
OKX does not currently operate in Korea directly. In 2024, DAXA, the self-regulatory body whose members include Upbit, Bithumb, and Coinone, flagged OKX for promoting its Jumpstart token sale platform to Korean users through Telegram influencers without local registration. A Coinone stake would give OKX a regulated path into the market instead of working around the edges.
Korea Investment & Securities’ role is financial rather than operational. Its participation mirrors how Mirae Asset entered through Korbit: a traditional securities firm anchoring the deal to give regulators comfort that a domestic institution is involved.
Coinone confirmed the talks are real but stressed that nothing is signed. The structure, if it happens, means Coinone stays independent operationally while gaining two major shareholders and the capital that comes with them. For OKX, Korea becomes accessible. For Korean regulators, a global exchange is inside the tent rather than outside it. That trade-off is what makes the deal possible.
