OKX targets 20% stake in South Korea’s Coinone

OKX has moved closer to securing a major foothold in South Korea after entering talks to acquire a substantial stake in local crypto exchange Coinone alongside Korea Investment & Securities.

According to Yonhap News Agency, OKX and Korea Investment & Securities are each seeking to purchase roughly 20% of Coinone. 

The report stated that the exchange is expected to issue new shares for the transaction rather than transfer existing holdings, a structure that would likely leave Coinone’s current management intact.

If regulators approve the deal, OKX would become the second overseas crypto exchange to take ownership in one of South Korea’s major trading platforms after Binance acquired a stake in Gopax.

Among South Korea’s licensed exchanges, Coinone remains part of the country’s small group of platforms permitted to offer fiat-to-crypto trading services. Trading activity in the domestic market, however, is still heavily concentrated around Upbit and Bithumb.

Arriving within hours of another major investment announcement, the reported OKX transaction follows confirmation from banking group Hana Financial Group that it plans to acquire a $670 million stake in Dunamu, the parent company behind Upbit.

Earlier this year, financial conglomerate Mirae Asset also announced plans to buy a 92% stake in Korbit, another exchange operating within the country’s top tier.

At the same time, South Korean lawmakers are discussing ownership restrictions for digital asset firms under the proposed Digital Asset Basic Act. Local media reports said authorities are considering limiting corporate ownership in crypto exchanges to 34%, while individual shareholders could face a 20% ceiling.

Yonhap reported that Coinone’s current ownership structure may already place attention on those proposed limits. The One Group holds 34.3% of the exchange, while founder Cha Myung-hoon owns 19.14%. Cha is also identified as the largest shareholder in The One Group.

Gaming company Com2uS Holdings controls another 21.95% stake in Coinone, according to Yonhap, while affiliated investment unit Com2uS Plus owns 16.47%.

OKX expands beyond trading infrastructure

The Coinone talks add to a period of aggressive expansion for OKX across payments, institutional services, and blockchain infrastructure.

As previously reported by crypto.news, in Europe, the exchange recently disclosed transaction data from its OKX Card, a stablecoin-linked payment product launched with Mastercard and Circle support. According to OKX, grocery purchases accounted for 26% of transactions made through the card during its first month across the European Economic Area, while restaurants and online marketplaces represented another large share of activity.

Separately, OKX unveiled its Agent Payments Protocol in April, an open framework designed to allow AI agents to complete commercial actions such as payments, escrow, settlement, and dispute handling across multiple blockchains. OKX said the protocol was developed with support from ecosystems including Ethereum, Base, Sui, Aptos, and Optimism.

Institutional services have also remained part of the exchange’s recent expansion plans. Through a partnership with BitGo, OKX integrated off-exchange settlement services in the U.S., allowing institutional clients to trade while assets remain under third-party custody.