CoinDesk
Mirae Asset Consulting, an affiliate of South Korea's Mirae Asset Group, has acquired a 97.15% stake in Korbit, the country's first homegrown cryptocurrency exchange, making it Korbit's largest shareholder. Korbit announced the deal on Thursday, confirming that the acquisition closed through mandated regulatory reporting procedures and that the corporate entity operating the exchange remains unchanged.
The parent Group reported assets under management of roughly $1 trillion as of May, putting Korbit inside one of the largest financial conglomerates in Asia. The acquiring affiliate, which also manages the group's hotels and golf courses, now controls the exchange outright. Korbit said login, trading, deposits and withdrawals will continue without interruption, and user assets remain segregated under South Korea's Act on the Protection of Virtual Asset Users.
Why it matters
This is the first time a major Korean financial conglomerate has taken a controlling stake in a domestic crypto exchange. South Korea's retail crypto market routinely rivals the country's equity market in daily volume, and Korean regulators have spent the past two years tightening licensing and custody rules under the Travel Rule and the user protection act. A regulated venue inside a trillion-dollar conglomerate changes the political and capital calculus for the sector: the exchange now has a parent with the balance sheet to fund expansion, compliance upgrades, and overseas push, while the parent gets a licensed on-ramp to a market that traditional finance has mostly watched from the sidelines.
Market impact
The deal lands the same week that Japan's SBI Group agreed to acquire Tokyo-based Bitbank for $289 million and a majority stake in Singapore-based Coinhako, confirming a regional pattern of incumbents buying rather than building. Korean won-denominated crypto trading has been dominated by the homegrown venues, and Korbit's smaller market share makes it a cheaper entry point than competing for a top-four license.
Frequently asked questions
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Who acquired Korbit and how much of it do they own?
Mirae Asset Consulting, an affiliate of South Korea's Mirae Asset Group, acquired a 97.15% stake in Korbit through mandated regulatory reporting procedures, making it the exchange's largest shareholder.
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Will the acquisition change anything for Korbit users?
Korbit said login, trading, deposits and withdrawals continue without interruption, and user assets remain segregated under South Korea's Act on the Protection of Virtual Asset Users. The corporate entity operating the exchange is unchanged.
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How large is Mirae Asset Group?
Mirae Asset Group reported assets under management of roughly $1 trillion as of May, putting it among the largest financial conglomerates in Asia.
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Why is this deal significant for South Korea's crypto market?
It is the first time a major Korean financial conglomerate has taken a controlling stake in a domestic crypto exchange, giving a regulated, trillion-dollar parent a licensed on-ramp to a retail market that routinely rivals the country's equity market in daily volume.
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Are other Asian financial groups making similar moves?
Yes. Japan's SBI Group agreed to acquire Tokyo-based Bitbank for $289 million and a majority stake in Singapore-based Coinhako in the same window, confirming a regional pattern of incumbents buying rather than building crypto exposure.
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