Coinone in Talks to Sell Controlling Stake Amid Financial Strain
South Korean crypto exchange Coinone is reportedly exploring options to sell a portion of its controlling stake. Sources close to the discussions reveal that U.S. cryptocurrency giant Coinbase may be a potential buyer. The stake sale involves Chairman Cha Myung-hoon’s holding of 53.4%, which includes his 19.14% direct ownership and 34% through his affiliated entity, The One Group. This significant move comes as Coinone navigates financial challenges and explores strategic partnerships.
Financial Pressure Prompts Potential Partnership
Coinone, one of South Korea’s leading crypto exchanges, has been under financial strain, with its book value falling from 94.4 billion won to 75.2 billion won ($52.2 million) by Q3 2025 due to operational losses. The company is actively seeking partnerships with domestic financial institutions and overseas exchanges. However, no concrete deals have been finalized yet.
Could Coinbase Enter the South Korean Market?
According to reports, Coinbase executives are scheduled to visit South Korea to explore partnership opportunities with Coinone and other key market players. If successful, this move would mirror Binance’s recent re-entry into the South Korean market via the acquisition of the Gopax exchange.
South Korea’s Evolving Crypto Landscape
The potential deal comes at a pivotal time for South Korea’s crypto industry. The country is reshaping crypto regulations to foster greater investment. Earlier this month, the Financial Services Commission (FSC) proposed lifting a nine-year ban on corporate crypto investments. This would allow listed companies and professional investors to allocate up to 5% of their annual equity capital into the top 20 cryptocurrencies.
Meanwhile, the Digital Asset Basic Law is set to become the foundation of South Korea’s cryptocurrency regulatory framework. Its provisions include enhanced investor protection, stricter stablecoin reserve requirements, and expanded oversight for crypto operators. However, clashes between the FSC and the Bank of Korea have delayed the law’s rollout until at least 2026.
How This Affects Investors and Market Dynamics
For investors, this news highlights South Korea’s growing importance in the global crypto market. Companies like Coinbase see potential in aligning with South Korea’s evolving regulations. With increased investor protections and corporate involvement, the South Korean crypto market could see a surge in institutional interest and market liquidity.
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Stay tuned as this story develops, and keep an eye on South Korea’s growing influence in the global cryptocurrency market.
