Mirae Asset Group acquires 97% of Korbit exchange

For Korbit users, the change brings no immediate disruption. The exchange said all services will continue without interruption. User deposits and virtual assets remain held separately from company assets, consistent with South Korea's Act on the Protection of Virtual Asset Users. Personal data processing also stays unchanged, requiring no action from users.

The acquisition marks another step by traditional financial players into crypto. In South Korea, retail crypto trading volumes often rival those on stock exchanges, making a licensed exchange a strategic asset. Similar moves have occurred elsewhere in Asia. SBI Group, the Japanese financial conglomerate, agreed last year to buy a 90% stake in Tokyo-based Bitbank for $289 million. It also took a majority stake in Singapore's Coinhako.

CoinDesk reached out to Mirae Asset Group and Korbit for comment. Neither responded by publication time.