OKX is in talks to acquire approximately 20% of Coinone, South Korea’s third-largest crypto exchange, through a new share issuance alongside Korea Investment & Securities, according to reporting on May 15, 2026. The deal would give the global exchange direct access to one of Asia’s largest won-denominated crypto markets at a moment when domestic financial giants are simultaneously consolidating control over local trading infrastructure.
Regulatory Pressure Reshapes Coinone Ownership
Coinone has faced intense regulatory scrutiny in recent months. On April 13, the South Korean Financial Services Commission imposed a $3.5 million fine and ordered a three-month partial business suspension over anti-money-laundering control deficiencies. The exchange operates within a tightly controlled ecosystem of five main won-trading venues, each subject to strict ownership and operational rules set by Seoul’s regulators. The reported OKX-Korea Investment & Securities deal would restructure Coinone’s cap table while maintaining domestic oversight through the Korea Investment & Securities stake.
Domestic Giants Lock Down Exchange Stakes
The OKX move mirrors a broader consolidation wave among South Korean financial conglomerates. Mirae Asset Consulting agreed in February 2026 to acquire a 92.06% stake in Korbit for 133.48 billion won (approximately $93 million). Hana Financial Group is set to close a 1.003 trillion won ($668 million) investment for a 6.55% stake in Dunamu Inc., operator of Upbit, by mid-June 2026. These transactions signal that South Korea’s largest financial institutions view crypto exchange ownership as essential infrastructure, not speculative positions. Coinbase reportedly weighed an equity investment in Coinone in January but has not disclosed further involvement.
Foreign Capital Tests South Korea’s Open Door
South Korea’s crypto market generates substantial won-denominated trading volume, making it strategically valuable for global exchanges seeking regional presence. However, foreign ownership faces regulatory constraints designed to maintain domestic control over critical financial infrastructure. The proposed structure with Korea Investment & Securities as co-acquirer may address these concerns by embedding a domestic financial institution in governance. OKX declined comment on the talks. Korea Investment & Securities did not respond to requests for comment. No official confirmation has been issued by either party or by Coinone management.
Deal Status Remains Unconfirmed
As of May 15, 2026, no completion timeline or regulatory approval status has been disclosed. Coinone must resolve its ongoing suspension before any major ownership transition can proceed. The Financial Services Commission will determine whether the proposed foreign stake allocation meets South Korea’s ownership concentration rules and beneficial ownership transparency standards. Market participants await official statements from all parties involved.
