OKX Seeks Strategic Entry Into South Korea’s Crypto Market

Crypto exchange OKX is reportedly nearing a major expansion into South Korea after entering discussions to acquire a significant stake in local crypto platform Coinone, alongside Korea Investment & Securities.

According to a report from Yonhap News Agency, both OKX and Korea Investment & Securities are seeking to purchase roughly 20% of Coinone. The transaction is expected to be structured through the issuance of new shares rather than the transfer of existing ones, a move that would likely preserve Coinone’s current management structure.

If approved by regulators, the deal would make OKX the second global crypto exchange to acquire ownership in one of South Korea’s major trading platforms, following Binance’s earlier investment in Gopax.

Coinone Remains a Key Player in South Korea’s Crypto Market

Coinone is among the limited number of licensed exchanges in South Korea authorized to provide fiat-to-crypto trading services. Despite this status, trading activity in the country remains heavily concentrated around dominant platforms such as Upbit and Bithumb.

The reported discussions come amid a broader wave of institutional investment and consolidation within South Korea’s digital asset sector. Banking giant Hana Financial Group recently confirmed plans to acquire a $670 million stake in Dunamu, the parent company of Upbit.

Meanwhile, financial conglomerate Mirae Asset announced earlier this year that it intends to purchase a 92% stake in Korbit, another major domestic exchange.

New Regulations Could Reshape Crypto Exchange Ownership

At the same time, South Korean lawmakers are debating stricter ownership rules for digital asset firms under the proposed Digital Asset Basic Act.

Local reports suggest regulators are considering limiting corporate ownership in crypto exchanges to 34%, while individual shareholders may face a 20% ownership cap.

These discussions have drawn attention to Coinone’s current ownership structure. The One Group reportedly controls 34.3% of the exchange, while founder Cha Myung-hoon holds a 19.14% stake and is also identified as the largest shareholder in The One Group itself.

In addition, gaming company Com2uS Holdings owns 21.95% of Coinone, while its affiliated investment arm Com2uS Plus holds another 16.47%.

OKX Expands Beyond Trading Into Payments and Blockchain Infrastructure

The Coinone discussions arrive during a period of aggressive global expansion for OKX, extending far beyond spot trading services.

In Europe, the exchange recently revealed transaction data tied to its OKX Card, a stablecoin-linked payment product launched in partnership with Mastercard and Circle. According to OKX, grocery purchases accounted for 26% of all transactions during the card’s first month across the European Economic Area, while restaurants and online marketplaces also represented a significant portion of activity.

Separately, OKX introduced its Agent Payments Protocol in April, an open infrastructure framework designed to enable AI agents to execute payments, settlements, escrow functions, and dispute management across multiple blockchain ecosystems. The initiative was developed with support from networks including Ethereum, Base, Sui, Aptos, and Optimism.

Institutional Services Become Central to OKX Strategy

Institutional expansion has also become a core component of OKX’s long-term strategy. Through a partnership with BitGo, the exchange integrated off-exchange settlement services in the United States, allowing institutional clients to trade while keeping assets under third-party custody.

This model reflects a broader shift within the crypto industry toward infrastructure designed specifically for institutional compliance, risk management, and regulated financial operations.

As traditional financial institutions continue entering the digital asset space, crypto exchanges are increasingly competing not only on trading volumes, but also on custody solutions, payment infrastructure, and institutional-grade services.

Competition for South Korea’s Crypto Market Is Intensifying

OKX’s move highlights the growing strategic importance of South Korea within the global crypto industry. The country remains one of the world’s most active digital asset markets, supported by high retail participation, advanced fintech adoption, and a relatively mature regulatory environment.

At the same time, the surge in acquisitions and institutional investments suggests that competition among exchanges is evolving beyond retail users toward banking partnerships, compliance capabilities, and financial infrastructure integration.

From an analytical perspective, the potential entry of a global player like OKX into South Korea could significantly reshape the competitive landscape. Increased foreign participation may strengthen liquidity and institutional adoption, but it could also encourage regulators to tighten oversight around ownership concentration and market control.

More broadly, the development reflects a deeper convergence between traditional finance and digital assets, as major crypto firms increasingly seek regulated access to local financial systems rather than operating independently from them.