Global Giant OKX Lands in Korea: 20% Stake Acquisition in Coinone and the Virtual Asset Market Shake-up

On May 15, 2026, reports emerged that global virtual asset exchange OKX is moving to acquire a 20% stake in Coinone, one of South Korea's top three digital asset exchanges. This strategic move is seen as a rare attempt by a foreign company to enter the closed Korean market, especially as the news comes just weeks after Coinone was slapped with a massive fine by regulators.

OKX's entry is expected to directly impact the domestic 'Big 5' exchange system, which allows for KRW-based trading. While the Korean market has historically had high barriers to entry for foreign capital, OKX is positioning itself to secure local market share through cooperation with Coinone.

If this acquisition is approved, OKX will become the second global exchange to hold a major stake in a Korean virtual asset platform, following Binance's acquisition of Gopax in 2022.

The domestic virtual asset market has been firmly maintained by a five-exchange system consisting of Upbit, Bithumb, Coinone, Korbit, and Gopax. As of the fourth quarter of 2025, Upbit's market share fell to 65% from its previous 80% level, while Bithumb accelerated competition by boosting its share to 31.1%.

Market Reorganization Challenging Upbit's Dominance

Coinone currently holds the third position in the market but needs a strong partnership to narrow the gap with the top two players. If OKX's capital and technology are combined, it is highly likely to become a variable that could shake up the existing duopoly.

• Upbit: Recorded a downward trend with a 65.0% share as of the end of 2025
• Bithumb: Secured a 31.1% share with a trading volume of approximately $86.5 billion
• Coinone and others: Formed the third-tier group, occupying about 3.9% of the total market

Meanwhile, in April 2026, just before the acquisition news broke, Coinone was fined approximately $3.5 million by the Korea Financial Intelligence Unit (FIU). Authorities pointed out that Coinone violated user identity verification (KYC) obligations in about 70,000 cases and conducted over 10,000 improper transactions with 16 foreign entities, leading to partial business suspension measures.

OKX is a global heavyweight player with an enterprise value of $25 billion as of March 2026. Notably, it has expanded its contact with institutional finance by attracting investment from ICE, the parent company of the New York Stock Exchange (NYSE), and possesses sufficient financial power to enter the Korean market.

Approval from Financial Authorities is the Key Factor

However, the final acquisition must cross the high threshold of the Financial Services Commission's (FSC) approval for a change in major shareholders. The regulatory hurdles Binance faced during its acquisition of Gopax are expected to serve as an important reference for OKX, and the Korean authorities' strict standards for foreign capital are likely to act as a variable.

This stake acquisition attempt can be interpreted as part of the process of reorganizing the Korean virtual asset market in line with global standards. The outcome of Coinone's legal disputes and OKX's success in entry will serve as important milestones determining the scope of activities for foreign exchanges in the domestic market in the future.

Ultimately, OKX's acquisition of a stake in Coinone is expected to be a testbed for breaking the closed nature of the Korean virtual asset ecosystem beyond a simple investment. The market is watching whether this deal can resolve Coinone's regulatory risks and provide new growth momentum.