OKX, the global cryptocurrency exchange, is negotiating to buy a 40% stake in Coinone, one of South Korea's four major crypto trading platforms. The potential deal, discussed with Korea Investment and Securities, would give OKX a direct foothold in a tightly regulated market where foreign players have long struggled to operate independently.
A growing Korean presence
The talks come just months after Binance, the world's largest exchange by volume, completed its acquisition of Seoul-based Gopax last year. That deal marked the first time a major international exchange gained full control of a Korean trading platform. OKX appears to be following a similar playbook, though it is pursuing a minority stake rather than an outright buyout.
Coinone is a licensed virtual asset service provider in South Korea, a status that requires compliance with the country's strict anti-money laundering and user protection rules. A 40% share would not give OKX majority control but would likely allow it to influence strategy and access the platform's domestic user base.
Why a minority stake?
Acquiring a minority stake avoids some of the regulatory hurdles that come with full ownership. South Korean law requires exchanges to register with the Korea Financial Intelligence Unit (KoFIU) and to partner with a local bank for real-name accounts. By buying into an already-licensed exchange, OKX can bypass the lengthy registration process and tap into Coinone's existing banking relationships.
The move also signals that OKX, which has faced scrutiny in other jurisdictions, is willing to play by local rules rather than trying to skirt them. The company has been expanding its compliance team and seeking licenses in multiple countries over the past year.
What's at stake for both sides
For Coinone, a minority investment from a global player could provide fresh capital and technical expertise. The exchange has been losing market share to larger domestic rivals like Upbit and Bithumb, and a partnership with OKX might help it compete more aggressively on features or liquidity.
For Korea Investment and Securities, which currently holds the stake, a sale would allow the securities firm to exit an asset that may not fit its core business. The firm has not publicly commented on the talks, and the deal remains subject to due diligence and regulatory approval.
Neither OKX nor Coinone has confirmed the negotiations. People familiar with the matter say the discussions are at an early stage and no timeline has been set for a final agreement.
The South Korean crypto market is among the most active in the world, with daily trading volumes often exceeding those of traditional stock exchanges. But it is also one of the most regulated, with authorities recently tightening rules around listing reviews and cross-border transfers.
If the deal goes through, OKX would join Binance as one of the few international exchanges with a direct connection to Korean retail traders. The next step will be whether the parties can agree on valuation and governance terms — and whether regulators give the transaction a green light.
