OKX and Korea Investment Securities are in talks to each buy about 20% of Coinone, giving OKX a regulated foothold in South Korea. The FIU will scrutinize the foreign-backed ownership change.
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Korea Investment Securities and OKX are in discussions to jointly acquire stakes in Coinone, the South Korean crypto exchange. The two parties are each targeting purchases of about 20%, according to a Yonhap report. If completed, the deal would give OKX a regulated entry point into a market that has tightened foreign access since the 2021 crash.
The proposed split suggests a coordinated entry rather than a controlling buyout. Korea Investment Securities, the brokerage arm of Korea Investment Holdings, already operates a digital asset custody service compliant with local rules. OKX, one of the largest global spot and derivatives exchanges by volume, has been seeking regulatory footholds in East Asia after its withdrawal from Hong Kong and scaling back in mainland China–facing markets. Coinone is one of the five exchanges with real-name bank accounts under South Korea’s strict licensing regime. A stake bypasses the need to build a local entity from scratch and comply with the Act on Reporting and Use of Specific Financial Transaction Information independently.
South Korea’s crypto regulation is entering a tightening cycle. The Financial Services Commission is enforcing tokenized securities rules by July and has floated stricter custody and disclosure requirements for exchanges. The South Korea Crypto Law that emerged after the Hana Bank–Dunamu valuation dispute raised compliance costs for licensed platforms. Against that backdrop, a foreign-backed ownership change at Coinone will draw close scrutiny from the Financial Intelligence Unit (FIU). Any new substantial shareholder must pass a fitness test that includes background checks on directors and source-of-funds verification. OKX has no prior FIU approval in South Korea. The deal timeline depends on whether the FIU treats the purchases as a change of control or as minority investments that trigger only notification obligations.
Coinone has lost market share to Upbit and Bithumb, slipping to third place by trading volume. A capital injection from OKX and Korea Investment could fund better listing offerings, lower trading fees, or improved technology. The partnership carries reputational risk. OKX has faced regulatory actions in other jurisdictions, including warnings from the Japanese FSA and the UK FCA. Korea Investment Securities’ participation mitigates some of that concern. The firm is a registered local financial company and already operates a digital asset custody service that complies with South Korean capital market rules. Its joint presence signals that the deal is structured to pass the FIU’s fit-and-proper test. The two parties are essentially packaging a foreign exchange’s reach into a locally acceptable vehicle.
The immediate catalyst is the signing of a memorandum of understanding or a binding share purchase agreement. Until a formal document emerges, the discussions remain exploratory. Yonhap did not specify a timeline or valuation. Coinone’s last publicly reported valuation came from a 2022 funding round at about $1 billion. A 20% stake at that level would cost roughly $200 million per buyer, though the current figure will depend on volume trends and regulatory risk discounts. Traders and industry watchers should watch for a FIU filing that discloses the transaction, statements from Korea Investment Securities or OKX that confirm the price or percentage, and any move by Upbit or Bithumb to preemptively change fee structures or partnerships in response. If the deal proceeds, it will test how much foreign capital South Korea’s crypto market can absorb without triggering a political backlash.
For broader context on South Korea’s evolving crypto rules, see South Korea Crypto Law Looms Over Hana Bank's $670M Dunamu Bet and South Korea FSC Sets July Deadline for Tokenized Securities Rules.
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