TheBlock
OKX is in talks to acquire a roughly 20% stake in South Korean crypto exchange Coinone, according to a local media report on Tuesday. The deal would give the global offshore venue a minority foothold in one of South Korea's four licensed exchanges at a moment of unusual M&A activity in the local market.
Why it matters
Earlier the same day, Hana Bank disclosed a $670 million anchor investment in Dunamu, the operator of Upbit — South Korea's dominant exchange by volume. Two of the country's four licensed venues now have new strategic backers within hours of each other, a pattern that signals institutional capital repositioning into the regulated domestic market rather than exit.
Market impact
A confirmed OKX-Coinone close would be the first material offshore entry into a top-tier Korean venue and is likely to sharpen the competitive gap between Coinone and the Hana-backed Upbit on one side, and the remaining two licensed exchanges on the other. Watch for valuation terms, whether OKX gains board representation, and any regulatory sign-off from the Financial Services Commission, which gates changes in control of licensed crypto venues.
Frequently asked questions
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Why is OKX buying into Coinone?
A roughly 20% minority stake would give OKX a foothold in one of South Korea's four licensed crypto exchanges at a moment when domestic institutional capital is repositioning into the regulated market.
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What did Hana Bank announce the same day?
Hana Bank disclosed a $670 million anchor investment in Dunamu, the operator of dominant South Korean venue Upbit — putting two of the country's four licensed exchanges under new strategic backers within hours.
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How many crypto exchanges are licensed in South Korea?
South Korea currently has four licensed crypto exchanges. Two of them — Upbit and Coinone — are now at the centre of reported M&A activity in the same session.
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Does OKX need regulatory approval for the Coinone deal?
Changes in control of licensed South Korean crypto venues require sign-off from the Financial Services Commission, which would gate any confirmed close and any board representation attached to it.
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How would the deal affect competition in Korea?
A confirmed close would sharpen the gap between the Hana-backed Upbit and an OKX-linked Coinone on one side and the remaining two licensed exchanges on the other, raising the bar for capital and product depth across the domestic market.
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