OKX is in discussions to acquire a 20% stake in Coinone, South Korea’s licensed crypto exchange, according to reporting from Yonhap News Agency on May 15. The move marks the global exchange’s deepest push into one of Asia’s most active digital asset markets, capitalizing on a regulatory framework that caps major shareholders at 15-20% ownership. South Korea’s Financial Services Commission introduced this ownership structure in late December 2025 specifically to bring securities firms and institutional asset managers into exchange ownership for the first time.
Seoul’s Regulatory Reset Opens Exchange Doors
South Korea’s FSC designed the 15-20% ownership cap to systematically shift crypto exchange control away from individual founders and gaming companies toward regulated financial institutions. This framework removes the structural barrier that previously kept traditional finance out of crypto infrastructure. Coinone’s current shareholder base illustrates the old model: The One Group holds 34.30%, Com2uS Holdings controls 21.95%, CEO Cha Myung-hoon owns 19.14%, and Com2uS Plus holds 16.47%. Under the new rules, no single entity can exceed 20%, forcing a restructuring that opens space for institutional buyers. The regulation applies to all five of South Korea’s licensed exchanges.
Institutional Wave Reshapes Korean Crypto Ownership
OKX is not alone in repositioning. Korea Investment & Securities is pursuing a parallel 20% stake in Coinone under the same framework. Beyond Coinone, Mirae Asset Consulting acquired a 92.06% stake in Korbit for $96.7 million, and Hana Financial Group invested $727 million to acquire a 6.55% stake in Dunamu, which operates Upbit. These moves signal institutional capital flooding into Korean crypto infrastructure as regulatory clarity consolidates the market. South Korea’s digital asset adoption supports the thesis: approximately 30% of the population, or 15.5 million people, held crypto as of 2025.
OKX’s Korean Ambitions Face Structural Hurdles
OKX currently lacks a Korean Won trading pair and operates without a domestic license, making a Coinone stake a backdoor entry into the regulated market. No deal terms have been formally confirmed, and the mechanics remain unclear. If both OKX and Korea Investment & Securities each acquire 20%, the existing shareholder structure would need to dilute significantly or accept minority positions among multiple large holders. The FSC has not publicly commented on approval timelines or conditions. Neither OKX nor Coinone has issued official statements on the discussions.
Institutional Consolidation Reshapes Asian Exchange Landscape
The outcome will determine OKX’s foothold in a market where institutional capital now drives regulation. South Korea’s 15.5 million digital asset holders represent critical liquidity and user base for any exchange seeking regional dominance. If the deal closes, OKX gains immediate access to a licensed, compliant platform and institutional credibility through the FSC framework. The alternative—failure to secure a stake—leaves OKX dependent on licensing its own platform, a process with no announced timeline.
