Table of Contents
ToggleCryptocurrency exchange OKX has announced plans to partner with Korea Investment & Securities to acquire approximately 20% of the shares in South Korean cryptocurrency exchange Coinone. The deal is reportedly likely to be completed through a new share issuance by Coinone, rather than a sale of existing shares by current shareholders, and will not directly alter Coinone's management structure.
Korea Investment & Securities is one of the largest brokerage firms in South Korea, with net profits exceeding US$1.3 billion in 2025, demonstrating strong financial strength. Coinone, currently 53.44% owned by Chairman Cha Myung-hoon, is one of the four major compliant exchanges in South Korea, holding registration with the Financial Intelligence Unit (FIU) alongside Upbit, Bithumb, and Korbit.
If the deal is approved, OKX will become the second global exchange, after Binance's acquisition of a stake in Gopax, to enter the equity structure of a leading South Korean trading platform. Binance acquired a 67% majority stake in Gopax in 2023 through its "Industrial Recovery Initiative," but it took over two years of anti-money laundering scrutiny to obtain formal approval from the FIU. OKX's choice to "invest a 20% stake through capital increase" rather than "buy out control" clearly reflects a lesson learned from this experience.
Hana spent 670 million USD to acquire Dunamu.
On the same day, another deal surfaced that was even larger. Hana Financial, one of South Korea’s four major banking groups, announced that it would acquire 2.284 million shares of Dunamu, the operator of Upbit, from Kakao for approximately 1 trillion won (about US$670 million), thereby obtaining a 6.55% stake and becoming Dunamu’s fourth-largest shareholder.
Ahead of Hana are founder and chairman Song Chi-hyung (25.51%), vice chairman Kim Hyoung-nyon (13.1%), and Woori Technology (7.2%). The transaction is expected to close in June, with both parties planning to collaborate on stablecoin issuance, settlement systems, and digital financial infrastructure. This is South Korea's first major equity transaction between a traditional financial group and a digital asset company.
Two large transactions occurred in one day, and the equity structure of the South Korean crypto exchage shifted from "founder" to "institutional ownership".
The 20% shareholding cap has triggered a "shareholder influx".
This wave of restructuring is driven by more than just business logic. South Korean regulators are pushing forward with the Digital Asset Basic Act, a key provision of which proposes a 20% cap on the shareholding of a single shareholder in an exchange. For example, Cha Myung-hoon currently holds 53.44% of Coinone, far exceeding the proposed threshold. If the bill passes, he will be forced to reduce his holdings or undergo a shareholding restructuring within three to six years.
This explains why "capital increase and dilution" rather than "direct transfer" was the preferred option for the OKX transaction. It allows for the introduction of external funds without affecting the founders' current control, providing a buffer during the transition period before the regulations are implemented. However, the legislative progress of the "Digital Assets Basic Law" is not smooth. The dispute over the ownership of stablecoin issuance rights has delayed the bill from the end of last year to this year. The ruling Democratic Party has postponed substantive negotiations until after the local elections on June 3. The bill is not expected to be implemented until the end of 2026 or 2027 at the earliest.
Frequently Asked Questions
How did OKX acquire shares in Coinone?
OKX plans to partner with Korea Investment & Securities to acquire approximately 20% of Coinone's shares through a new share issuance, rather than purchasing them from existing shareholders. The transaction will not alter Coinone's existing management structure.
What restrictions does South Korea's Digital Assets Basic Law place on stock exchange shares?
The bill proposes to cap the percentage of shares held by a single shareholder in an exchange at 20%. For example, Coinone Chairman Myung-hoon Che currently holds 53.44% of the shares, far exceeding the cap, and will be forced to reduce his holdings or undergo a shareholding restructuring within three to six years. The bill is expected to be passed as early as the end of 2026 or 2027.
Related reports
