South Korea’s third-largest cryptocurrency exchange, Coinone, is exploring strategic options, including a potential sale, according to Seoul Economic Daily on Monday, Jan 26. The move places one of the country’s major exchanges at the center of a growing consolidation trend in the domestic crypto market.
According to market sources, Coinone has been considering the sale of stakes since late 2025, and this has involved both foreign exchanges and local financial institutions. Although there has been no official agreement, the company made it clear that no final approach or schedule has been determined.
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Coinone’s largest shareholder, its Chairman Cha Myung-hoon, and his private company, Thewon Group, collectively hold 53.44% of the exchange.
The Won Group holds 34.30%, and Cha personally holds 19.14%. Cha recently re-joined the front line of Coinone’s management team after resigning as the CEO of the exchange, which analysts believe may help with potential transactional activities.
The second-largest shareholder, Com2uS, holds 38.42% of Coinone. Acquired in 2021 and 2022, the current market value of its shares has fallen due to the exchange’s continuous losses. It is also believed that any large-scale sale might be carried out by both large shareholders, not just Cha.
This week, Coinbase is set to visit South Korea to meet with the top exchanges, such as Coinone, to discuss possible equity investments and cooperation.
Coinbase views the Korean market as important due to its large and engaged investment community, and is looking for cooperation to align its products with the regulations in the country.
The timing is significant in that it points to the fast pace of consolidation in the South Korean crypto market. Large financial and technology companies are redefining the market through mergers and acquisitions as regulatory conditions improve.
The Coinone review is a sign of the competitive pressures and capital requirements that are driving South Korean exchanges to restructure.
Cha, a white-hat hacker with strong technical roots, has been guiding Coinone’s efforts in the development of services and AI capabilities. The company emphasizes that it is still important to maintain technical differentiation as market share growth slows down.
The South Korean cryptocurrency exchanges operate under the close supervision of the Financial Services Commission (FSC). Changes in ownership must comply with South Korean laws, which emphasize the importance of transparency.
The possible acquisition of Coinone comes as a wave of consolidation sweeps across the South Korean crypto market. As competition becomes stiffer, the growth rate slows down, and regulations become tougher, the market is tightening up.
Investors and shareholders, including Coinbase, are keenly watching the developments, as a possible acquisition could mean a new order in the partnerships and pace of the local exchanges.
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