Global crypto exchange OKX is reportedly in advanced discussions with Korea Investment & Securities to acquire a significant stake in Coinone, signaling a major shift in South Korea's highly regulated digital asset landscape. s from Friday, the two entities are exploring a structure where each would obtain approximately 20% of Coinone's equity. This transaction is designed primarily around the issuance of new shares rather than the secondary sale of existing stock, a mechanism intended to inject fresh capital into the exchange while preserving the current management hierarchy. Earlier in April, media outlets indicated that Korea Investment & Securities was evaluating a potential equity position in Coinone as part of a broader digital asset strategy, though no definitive conclusion had been reached at that time.

The strategic rationale for this reported deal centers on securing a foothold in one of Asia's largest won-denominated crypto markets, even as South Korean regulators escalate scrutiny on local exchanges regarding anti-money-laundering (AML) compliance and ownership structures. On April 13, authorities imposed a fine of approximately 3.5M USD on Coinone and mandated a three-month partial business suspension. These penalties stemmed from severe AML deficiencies, including inadequate customer verification protocols and unauthorized dealings with unregistered overseas exchanges. Despite these regulatory headwinds, Coinone retains its status as one of the five primary won-trading venues in the country, operating alongside Upbit, Bithumb, Korbit, and Gopax, which makes any substantial equity stake a critical entry point for international players.

Data compiled by Woofun AI indicates that this reported approach follows a pattern of interest from other global exchanges earlier in the year. In January, local media reported that Coinbase was considering an equity investment in Coinone as its controlling shareholder explored a partial divestiture, although no formal agreement was subsequently announced. The current negotiations suggest a renewed urgency among foreign entities to penetrate the market before domestic consolidation further narrows the window of opportunity. Cointelegraph attempted to contact Korea Investment & Securities for comment but received no response by publication, while OKX declined to address the matter directly.

Concurrently, domestic financial conglomerates are executing aggressive maneuvers to secure control over local platforms, intensifying the competitive landscape. In February, Mirae Asset Consulting finalized an agreement to purchase a 92.06% stake in Korbit for 133.48 billion won, equivalent to roughly 93M USD, effectively taking full control of the smaller exchange as part of Mirae Asset Group's digital asset expansion. On Friday, Hana Financial Group announced a plan to invest approximately 1.003 trillion won, or about 668M USD, to acquire a 6.55% stake in Dunamu Inc., the operator of Upbit. This transaction is scheduled to close in mid-June and represents a long-term strategic bet on crypto infrastructure and related services.

Woofun AI notes that these parallel transactions underscore the intensifying competition between foreign exchanges and domestic financial firms vying for positions within South Korea's tightly regulated ecosystem. The convergence of foreign capital seeking market access and domestic giants consolidating control suggests a period of significant structural change. As regulatory frameworks tighten, the ability to navigate compliance hurdles while securing strategic equity stakes will likely determine the future hierarchy of the region's crypto exchange market. The proposed 20% stake acquisition by OKX and Korea Investment & Securities could serve as a precedent for future cross-border collaborations in the sector.