Kiwoom Securities Pursues Bithumb Stake as Korean Brokerages Rush Crypto

Bithumb is also looking beyond South Korea. In March 2026, the exchange signed a memorandum of understanding with SSI Digital to explore a local digital exchange in Vietnam.

A Kiwoom-Bithumb tie-up would give the brokerage direct exposure to spot crypto volume in one of the world's most active markets. South Korea's won-to-crypto trading pairs often trade at a premium relative to global averages, a spread that exchange operators capture. The deal would also give Bithumb deeper capital and compliance support, addressing some of the regulatory concerns that have dogged it since the phantom Bitcoin episode.

South Korea's financial authorities have been tightening rules on crypto exchanges. They require real-name accounts tied to local banks and impose stricter listing standards. Brokerage-backed exchanges could operate with more capital and compliance infrastructure, potentially winning regulatory favor.

The KDX consortium is part of a broader push by South Korea's traditional financial institutions to create a regulated digital asset market. The Korea Exchange, which operates the country's stock market, is involved, signaling potential convergence between traditional and crypto trading infrastructure.

Bithumb is the second-largest exchange by volume in South Korea, trailing Upbit. Its market share has fluctuated after the glitch but remains significant. Korea Investment has reportedly been in talks to acquire Coinone, the third-largest exchange. Hanwha has eyed Dunamu, though Upbit's parent has so far not sold a stake. A Kiwoom-Bithumb deal would leave two of the top three exchanges under brokerage ownership, changing the sector's competitive dynamics.