The move follows rising interest from global exchanges in South Korea’s crypto market amid regulatory tightening and shifting investor trends.
OKX is reportedly pursuing a stake in Coinone, one of South Korea’s top five cryptocurrency exchanges, as part of a broader push into the region. The potential deal comes despite heightened anti-money laundering oversight set for 2026 by the Financial Services Commission, which has not deterred foreign players from targeting local platforms.
South Korea’s crypto market remains a key battleground, with domestic holdings halving over the past year as investors pivot to equities. Earlier this year, Coinbase was also linked to a possible investment in Coinone, though no deal materialized. Meanwhile, local financial groups are consolidating control, with Mirae Asset Consulting acquiring a 92.06% stake in Korbit for 133.48 billion won ($93 million) in February.
Hana Financial Group recently announced a 1.003 trillion won ($668 million) investment to secure a 6.55% stake in Upbit operator Dunamu, signaling long-term confidence in crypto infrastructure. OKX has not commented on the reported approach.