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OKX, the world's second-largest offshore crypto exchange by volume, is in talks with Korea Investment & Securities to jointly acquire roughly 20% stakes each in Coinone, South Korea's third-largest crypto exchange, according to Yonhap News.
Why it matters
The structure matters as much as the names. Pairing a top global offshore exchange with a traditional Korean securities house signals the kind of legitimizing path Korean regulators have signalled they want for the domestic market. A Korean tradfi broker in the cap table gives the venue a familiar regulatory interlocutor on the home side, while OKX brings international liquidity and product reach. Coinone confirmed it is in discussions with multiple parties about strategic equity investment but stressed no final agreement has been reached.
Market impact
For the Korean market, the bigger read is consolidation pressure. The country has long operated with four meaningful domestic exchanges — Upbit, Bithumb, Coinone and Korbit — and a tie-up that brings institutional capital and an offshore heavyweight into Coinone narrows the competitive gap at the top. For OKX, Korea is one of the few remaining Asia-Pacific markets where it has no domestic beachhead; a Coinone stake would be its most consequential move in the region since its Japan relaunch.
Source: [한투, 해외 거래소 OKX와 코인원 지분 공동 인수 추진 — 연합뉴스](https://www.yna.co.kr/view/AKR20260515102600002)
Frequently asked questions
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What is OKX's proposed stake in Coinone?
OKX is in talks to acquire around 20% of Coinone via a new share issuance, with Korea Investment & Securities taking a similar-sized stake alongside it, according to Yonhap News.
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Why does pairing OKX with a Korean securities firm matter?
It pairs a top global offshore exchange with a traditional Korean securities house — the legitimizing structure Korean regulators have signalled they want, giving the venue a domestic regulatory interlocutor and OKX international product reach.
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Has the Coinone deal been finalized?
No. Coinone confirmed it is in discussions with multiple parties on strategic equity investment but said no final agreement has been reached.
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How does this reshape the South Korean exchange market?
South Korea has run with four major domestic exchanges — Upbit, Bithumb, Coinone and Korbit. Bringing institutional capital and an offshore heavyweight into Coinone narrows the competitive gap at the top and adds consolidation pressure on the rest of the field.
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Why is Korea strategically important for OKX?
Korea has been one of the few remaining Asia-Pacific markets where OKX has no domestic beachhead. A Coinone stake would be its most consequential regional move since its Japan relaunch, giving it direct exposure to one of the world's most active retail trading markets.
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