- OKX and Korea Investment & Securities are reportedly negotiating to each acquire roughly 20% of South Korean exchange Coinone.
- The deal follows recent regulatory action against Coinone, which received a $3.5 million fine and a partial business suspension for AML failures in April.
- South Korean financial giants are also aggressively investing in crypto, with Hana Financial Group recently announcing a $668 million stake in Upbit operator Dunamu Inc.
Global crypto exchange OKX is reportedly in advanced talks with Korea Investment & Securities to take a major stake in Coinone, marking a potential shakeup in South Korea’s tightly regulated market. According to a Friday report by Yonhap, the structure involves issuing new shares to inject fresh capital while leaving management control largely unchanged.
This reported move would give OKX a critical foothold in one of Asia’s largest won-denominated crypto markets. However, it comes as South Korean regulators intensify their scrutiny of local exchanges over AML controls and ownership rules.
Coinone faces particularly tight scrutiny after authorities fined it about $3.5 million and ordered a three-month partial business suspension on April 13. Consequently, this penalty was for serious AML failures, including deficient customer verification.
Nevertheless, Coinone remains one of South Korea’s five main won-trading venues. The reported approach follows earlier interest from other global players like Coinbase earlier this year.
Meanwhile, domestic financial groups are moving aggressively to lock down their own platforms. For instance, Hana Financial Group said it will invest roughly $668 million to acquire a stake in Upbit operator Dunamu Inc.
These transactions highlight growing competition to secure positions in South Korea’s market. Both foreign exchanges and domestic firms are now placing strategic bets on crypto infrastructure.
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