OKX Eyes Coinone Stake as South Korea’s Crypto Market Heats Up

Iris Coleman
May 15, 2026 10:59

OKX may acquire a 20% stake in Coinone, entering South Korea’s high-stakes crypto market amid growing competition from global and local players.

OKX, one of the world’s largest cryptocurrency exchanges, is reportedly in talks to acquire a 20% stake in South Korean exchange Coinone. According to Yonhap News, the deal is being structured as a capital injection through new shares, with Korea Investment & Securities also vying for a parallel 20% stake. If finalized, the move would mark OKX’s entry into one of Asia’s most tightly regulated cryptocurrency markets.

Coinone, a key player in South Korea’s crypto ecosystem, facilitates won-denominated trading alongside competitors like Upbit, Bithumb, Korbit, and Gopax. However, the exchange has faced regulatory pressure. In April, South Korean authorities fined Coinone $3.5 million and imposed a three-month partial business suspension for anti-money-laundering (AML) failures, including weak customer verification protocols and dealings with unregistered foreign entities. Despite these setbacks, Coinone’s strategic position in the market makes it an attractive acquisition target.

Why South Korea Matters for OKX

The South Korean market is increasingly competitive and highly regulated, but its significance is hard to overstate. With stringent AML and ownership rules enforced by the Financial Services Commission (FSC), the country’s regulatory framework is designed to ensure both compliance and market integrity. For a global player like OKX, a foothold in South Korea offers access to a lucrative won-based trading market and strengthens its position in Asia.

OKX has been on a strategic expansion spree in 2026, aligning itself with institutional-grade compliance and infrastructure. In March, Intercontinental Exchange (ICE) invested $200 million in OKX at a $25 billion valuation, signaling confidence in its global growth strategy. The exchange has also struck partnerships with BitGo for off-exchange settlement in U.S. markets and BlackRock to integrate tokenized assets as collateral, reflecting its focus on institutional-grade services.

Domestic Players Are Doubling Down

While OKX eyes a stake in Coinone, local financial giants are intensifying their bets on the crypto sector. In February, Mirae Asset Consulting acquired a 92% stake in Korbit for $93 million, and just last week, Hana Financial Group announced a $668 million investment in Upbit’s parent company, Dunamu Inc., for a 6.55% stake. Both moves highlight the growing interest from traditional finance firms to secure strategic positions in South Korea’s crypto market.

What’s Next?

For OKX, the reported Coinone stake would complement its broader push into regulated markets and institutional services. However, the deal is still reportedly under negotiation, and no official confirmation has been made by OKX or Korea Investment & Securities. Should the acquisition proceed, OKX stands to strengthen its footprint in Asia while adding to its portfolio of regulatory-compliant operations globally.

Investors and traders will likely watch for further updates as the South Korean market continues to see significant deal-making activity. With Coinone’s high regulatory hurdles and strategic importance, any confirmed deal could influence the competitive dynamics of the region’s crypto sector.

Image source: Shutterstock