OKX set to acquire 20% stake in South Korean crypto exchange Coinone: report
If approved, OKX would become the second global exchange to own a majority stake in a South Korean crypto platform, following Binance.
OKX, one of the world's largest cryptocurrency exchanges, is reportedly set to acquire a 20% stake in South Korean digital asset platform Coinone, according to industry sources. The proposed acquisition is currently pending regulatory approval from South Korean authorities, who maintain strict oversight of crypto exchange operations within the country.
If the deal receives approval, OKX would become only the second major global exchange to secure a significant ownership position in a South Korean crypto platform. Binance previously established this precedent by acquiring a majority stake in a local exchange, demonstrating the strategic value international platforms place on accessing South Korea's regulated crypto market.
South Korea represents a crucial market for cryptocurrency adoption, with robust regulatory frameworks and high retail participation rates. The country's crypto exchange licensing requirements have created barriers for foreign platforms seeking direct market access, making strategic partnerships and acquisitions an attractive alternative entry route. For OKX, the Coinone stake would provide legitimate access to South Korean customers while ensuring compliance with local regulations.
The acquisition timeline remains dependent on regulatory review processes, with South Korean financial authorities expected to scrutinize the deal's implications for market competition and consumer protection. Market observers will monitor whether additional global exchanges pursue similar strategies to establish footholds in Asia's regulated crypto markets.
Source: The Block
