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OKX reportedly eyes 20% Coinone stake in South Korea push
OKX is reportedly seeking a 20% stake in Coinone, a move that would test South Korea's regulatory stance on foreign exchange ownership.
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OKX is reportedly pursuing a 20% equity stake in Coinone, one of South Korea's four licensed won-to-crypto exchanges. The move would give the global exchange a direct foothold in a market where retail trading intensity consistently ranks among the highest worldwide. Coinone holds a real-name account partnership, the regulatory gateway that allows Korean traders to deposit and withdraw won. For OKX, the stake represents a potential shortcut past the licensing wall that has kept most foreign platforms out of Korean won-denominated trading pairs.
OKX's Coinone Stake and the South Korean Market
South Korea's crypto market is concentrated among four exchanges that operate under the Financial Services Commission (FSC) framework: Upbit, Bithumb, Coinone, and Korbit. Coinone sits third in that group, with a market share well behind Upbit and Bithumb. A 20% stake would not deliver outright control. It would establish a significant minority position and likely include operational influence or technology-sharing arrangements.
Foreign exchanges have struggled to obtain direct licenses. The FSC requires exchanges to partner with a local bank for real-name verification, and it has shown reluctance to approve foreign-controlled entities. OKX's approach mirrors earlier attempts by global platforms to buy into existing licensed venues rather than build from scratch. The strategy reduces licensing risk. It does not eliminate the need for regulatory approval of the shareholder change. Any acquisition of a 20% stake triggers a review under the Act on Reporting and Using Specified Financial Transaction Information, which assesses major shareholder suitability, compliance history, and anti-money laundering controls.
Regulatory Hurdles and the Foreign Ownership Question
The FSC previously blocked Binance's attempt to acquire a controlling stake in GOPAX, another local exchange, citing governance and compliance concerns. That precedent sets a high bar. OKX has faced regulatory scrutiny in other jurisdictions, a factor that could complicate the review. The outcome will depend on whether the FSC views a 20% minority stake as a passive investment or as a vehicle for foreign operational control.