OKX, Korea Investment to Buy 20% Each of Coinone

OKX and Korea Investment & Securities plan to each buy roughly 20% of South Korea's crypto exchange Coinone by subscribing to newly issued shares, pending approval from South Korean regulators. The proposed purchases would be done through a share issuance rather than sales of existing holdings.

No final terms have been disclosed. Company officials have not indicated any immediate change to Coinone's management. The timing and completion of the transaction depend on regulatory clearance and any conditions set by authorities.

If the investment is approved, OKX would be the second overseas exchange to hold a major stake in a South Korean digital asset platform, after Binance's acquisition of Gopax. Coinone is one of five exchanges in South Korea authorized to offer fiat-to-crypto trading.

The domestic market remains concentrated, with Upbit and Bithumb accounting for the largest shares of trading volume and user activity. South Korean financial authorities are discussing ownership limits in draft legislation called the Digital Asset Basic Act, including a proposed 34% cap for corporate shareholders and a 20% cap for individuals.

Current major Coinone shareholders include The One Group with a 34.3% stake, founder Cha Myung-hoon with about 19.14%, Com2uS Holdings with 21.95% and its affiliated investment arm Com2uS Plus with 16.47%. Cha is also the largest shareholder of The One Group.

Recent large deals in the sector include Hana's announcement of plans to acquire a roughly $670 million stake in Dunamu, the parent company of Upbit, and Mirae Asset's earlier acquisition of a 92% stake in Korbit.

The planned issuance of new shares would expand Coinone's capital base rather than transfer existing ownership between current shareholders if completed. Regulatory approval remains the key condition for the deal to proceed.