South Korean crypto exchange Coinone is reportedly in talks to offload a portion of its controlling stake. Sources close to the matter suggest that Coinbase is considering a bid.
According to a report from Seoul Economic Daily, Coinone may sell a portion of Chairman Cha Myung-hoon’s 53.4% stake.
This includes Cha’s direct holding of 19.14%, along with a larger share held through his affiliated entity, The One Group, which owns more than 34%.
A spokesperson for Coinone confirmed that the company is exploring “partnerships, including equity investments, with overseas exchanges and domestic financial institutions,” but added that no specific deal has been finalised.
Insiders familiar with the matter also claim the exchange has been on the market since late 2025.
One source noted that the planned transaction could extend beyond Cha’s shares, potentially including the 38.42% stake currently held by Com2uS, a major Korean gaming firm and the exchange’s second-largest shareholder.
Coinone is undergoing financial stress
Coinone has not released an official announcement regarding the stake sale, but the report points to ongoing financial strain as a contributing factor.
By the end of Q3 2025, the exchange’s book value declined to approximately 75.2 billion won ($52.2 million), down from a previous valuation of 94.4 billion won due to mounting operational losses.
After stepping down as CEO for four months, founder Cha—a former white-hat hacker—has returned to active management. Market observers suggest his return to the front line may be related to preparations for the stake sale.
Coinbase considering expansion into South Korea?
According to unnamed sources cited in the same report, Coinbase executives are scheduled to visit South Korea this week to meet with major industry players, including Coinone.
The exchange is said to be exploring partnership opportunities that align with Korean regulatory requirements.
“We are currently seeking partners to develop and respond to products compliant with Korean regulations,” one source told Seoul Economic Daily.
If finalised, such a deal would mirror Binance’s re-entry into the South Korean market last year, when it acquired the Gopax exchange after a prolonged regulatory review.
South Korea is finalising crypto regulations
Interest in South Korea’s crypto sector comes at a time when the country is reshaping how it governs digital assets.
Earlier this month, the Financial Services Commission took a major step by proposing to lift a nine-year ban on corporate crypto investments.
The plan would allow listed firms and professional investors to allocate up to 5% of their annual equity capital into the top 20 cryptocurrencies listed on domestic exchanges.
Authorities are still debating whether stablecoins like USDT will be included under the scope of permissible assets.
The government had already taken steps to normalise crypto usage, including permitting nonprofits and exchanges to liquidate digital assets for operational purposes.
However, the Financial Services Commission and the Bank of Korea continue to clash over which agency should control stablecoin reserves and licensing oversight, which has led to a delay in the rollout of the Digital Asset Basic Law until at least 2026.
The Digital Asset Basic Law is designed to serve as the foundation for South Korea’s cryptocurrency regulatory framework.
The draft bill includes provisions for no-fault liability on crypto operators, enhanced investor protection, and strict requirements for stablecoin issuers to hold more than 100% of reserves at approved institutions.
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