CoinDesk
OKX is in talks with Seoul-based Korea Investment and Securities to jointly acquire around 40% of Coinone, with each party lining up to take roughly 20% of the South Korean cryptocurrency exchange, according to a Yonhap News report on Friday that cited industry sources. The deal would be structured as a new-share issuance rather than a buyout of existing holders, a structure that injects fresh capital into Coinone rather than transferring existing equity.
OKX, originally formed in China in 2013 and now headquartered in San Jose, would become the second global crypto exchange to enter South Korea via a domestic partner, following Binance's two-stage acquisition of Gopax, which completed last year. Coinone sits alongside Upbit, Bithumb and CoinW among the country's largest venues.
Why it matters
The composition of the buyer group is the story as much as the stake size. Korea Investment and Securities — a major domestic broker — joining OKX at the table echoes the pattern set by TradFi firms moving into the local exchange market, including Mirae Asset's exploration of a Korbit position. For South Korean regulators and the local retail base, a foreign crypto heavyweight paired with a familiar domestic financial institution is a different political proposition than a foreign exchange walking in alone.
The new-share structure also signals that Coinone itself sees this as a growth round — fresh capital for expansion rather than a liquidity event for incumbent shareholders.
Market impact
South Korea's exchange landscape has been dominated by Upbit, Bithumb, Coinone and CoinW, with limited outside equity penetration. A successful close would give OKX a regulated foothold in one of the world's most active retail crypto markets, while the involvement of Korea Investment and Securities provides the domestic brokerage ties that have been the gating factor for foreign entrants. Watch for any regulatory commentary on foreign ownership thresholds, and for peer interest — after Binance-Gopax, Mirae-Korbit and now OKX-Coinone, a third major tie-up would suggest the domestic exchange sector is entering a consolidation phase.
Frequently asked questions
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What is OKX proposing to buy in Coinone?
OKX and Korea Investment and Securities are in talks to jointly acquire around 40% of Coinone, with each party taking roughly 20%, according to Yonhap News citing industry sources.
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How would the deal be structured?
The investment would take the form of a new-share issuance — fresh capital injected into Coinone — rather than the purchase of existing shares from current holders.
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Why is Korea Investment and Securities' involvement significant?
The domestic broker's participation echoes the pattern of TradFi firms entering South Korean exchanges, including Mirae Asset's exploration of a Korbit position. A familiar Korean financial institution alongside a foreign crypto venue is a different political proposition than a foreign exchange entering alone.
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How does this compare to Binance's entry into South Korea?
OKX would be the second global crypto exchange to enter South Korea via a domestic partner, following Binance's two-stage acquisition of Seoul-based Gopax, which completed last year after Binance first took a majority stake more than two years earlier.
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What does this mean for the South Korean exchange market?
Upbit, Bithumb, Coinone and CoinW have long dominated the market with limited outside equity penetration. A successful close would give OKX a regulated foothold in one of the world's most active retail crypto markets, and a third major tie-up after Binance-Gopax and Mirae-Korbit could signal the start of a…
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