OKX is negotiating to acquire a 40% stake in Coinone, South Korea's fourth-largest crypto exchange, through a partnership with Korea Investment and Securities. The deal would mark OKX's most significant push into the Korean market to date.
Coinone processes roughly 1.5 trillion won ($1.1 billion) in daily trading volume and operates as one of South Korea's most established platforms. The exchange holds regulatory approval from local financial authorities and maintains a user base concentrated in retail trading.
OKX's entry strategy mirrors Binance's playbook. Binance completed its acquisition of Gopax, another major Seoul-based exchange, last year. That move gave Binance direct access to South Korea's heavily retail-driven market and local regulatory infrastructure. OKX now pursues similar footing.
Korea Investment and Securities brings institutional credibility and existing relationships with South Korean financial regulators. The securities firm's involvement suggests OKX intends to position itself as a legitimate player in Korea's increasingly regulated crypto ecosystem rather than operate as a foreign platform.
South Korea represents a high-stakes market. The country hosts one of the world's largest retail crypto bases and drives substantial trading volume globally. However, regulatory oversight has intensified following the 2021-2022 cycle's exchange collapses. Local authorities now enforce strict capital requirements and anti-money laundering protocols.
A 40% stake would give OKX board-level influence at Coinone without requiring full acquisition costs. This structure allows both parties to maintain operational independence while sharing compliance expertise and market access.
OKX itself trades on momentum from institutional adoption in Asia. The exchange has expanded aggressively across Southeast Asia and Japan. A Korean foothold strengthens its regional dominance against competitors like Bybit and Kraken.
Coinone would benefit from OKX's technology infrastructure and global liquidity pools. The exchange could tap OKX's token listing capabilities and cross-border trading features.
No timeline for deal completion has been announced. Both parties must navigate South Korea's Foreign Investment Promotion Act and obtain final regulatory blessing