Mirae Asset completes Korbit acquisition, stake to hit 97%

Mirae Asset has completed its takeover of South Korean crypto exchange Korbit after securing regulatory approval, moving its ownership stake above 97%.

Korbit told users the ownership change will not affect day-to-day operations. The operating company, Korbit Co., remains unchanged. Customers can still log in, trade, deposit and withdraw without interruption. Customer deposits and virtual assets will continue to be held separately from company assets under South Korea's Virtual Asset User Protection Act, the exchange said. Korbit confirmed it remains the controller of users' personal information, with no changes to how data is processed.

According to a revised regulatory filing submitted Tuesday, Mirae Asset plans to acquire an additional 7.35 million Korbit shares worth about 7.2 billion won ($5.32 million), the Korea Herald reported. Once that purchase closes – scheduled for Friday, Yonhap News Agency said – Mirae Asset's ownership will rise from 92.06% to 97.15%.

Earlier this month, South Korea's Fair Trade Commission approved the deal, describing it as the country's first case of an affiliate of a traditional financial group acquiring a cryptocurrency exchange, according to the Korea Herald. Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, had previously said the acquisition was intended to secure future growth opportunities built around digital assets.

Korbit processed roughly $4.3 million in spot trading volume over the past 24 hours, making it South Korea's fourth-largest exchange, according to CoinGecko data. Market leader Upbit handled about $224.2 million during the same period.

The acquisition follows a series of investments that have brought established financial institutions closer to the country's crypto industry. In May, OKX Ventures agreed to acquire a 19.6% stake in rival exchange Coinone through an 80 billion won ($53 million) investment, pending regulatory approval. Coinone said the investment, made alongside Korea Investment & Securities, would combine secondary share purchases with subscriptions for newly issued shares. As part of that agreement, the firms said they would exchange expertise in user protection, security systems and risk management, while Korea Investment & Securities said it intends to pursue opportunities involving security tokens and stablecoins.

That deal came after Binance's acquisition of competitor Gopax, adding to a growing list of global crypto firms expanding into South Korea's regulated market. Domestic financial institutions have also stepped up activity. Earlier this year, Samsung subsidiaries announced plans to acquire a combined 4% stake in Dunamu, the parent company of Upbit, while several major banks and payment companies – including KB Kookmin, Shinhan and NHN KCP – entered partnerships involving tokenized deposits and stablecoin payment infrastructure.

Before the ownership change, Korbit had been expanding its blockchain partnerships. In November 2024, the exchange partnered with Coinbase to integrate Base, Coinbase's Ethereum layer-2 network, allowing users to deposit Ether on Ethereum and withdraw it through Base, or complete the process in reverse. Coinbase said it would support Korbit through promotional campaigns, community events and initiatives tied to the Base ecosystem. The companies also said they planned to cooperate on developing on-chain technology in South Korea and expanding support for Base network functions.

Korbit CEO Oh Se-jin said the partnership with Coinbase would help the exchange develop services aligned with global industry trends and strengthen its competitiveness. Coinbase Vice President of Business Development Dan Kim said the company planned to work with Korbit on buildathons, hackathons and educational community events designed to introduce more Korean users to the Base ecosystem.