OKX Invests $53 Million for 20% Stake in South Korea's Coinone
11h ago|4 min readStandard
Fazen Markets Editorial Desk
Collective editorial team · methodology
okxcoinonesouth-korea-crypto
Fazen Markets Editorial Desk
Collective editorial team · methodology
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Global cryptocurrency exchange OKX announced on 29 May 2026 a strategic investment of $53 million to acquire a 20% equity stake in Coinone, one of South Korea’s major licensed digital asset exchanges. This transaction represents the latest push by an international crypto giant to establish a significant presence in South Korea’s high-volume retail market. The deal follows a similar strategic move by competitor Binance, which acquired a majority stake in the local exchange Gopax in February 2023. South Korea’s crypto market is characterized by intense retail interest and a distinct price premium on local exchanges, known as the Kimchi Premium.
The South Korean crypto market has become a key strategic objective for global exchanges facing regulatory pressure in other major economies like the United States. The country’s high penetration of retail traders and strong technological infrastructure make it a lucrative target. Foreign entry, however, is tightly controlled, requiring partnerships with or acquisitions of locally licensed entities to operate compliantly.
The last significant foreign acquisition occurred when Binance secured a majority stake in Gopax for an undisclosed sum, estimated by industry analysts to be over $100 million. That deal was part of Binance's effort to re-enter the Asian market after scaling back operations in 2021. OKX’s investment demonstrates that the strategic imperative to access South Korea remains strong despite a complex regulatory environment.
A key catalyst for this renewed focus is the implementation of South Korea’s Travel Rule and stricter anti-money laundering frameworks, which have consolidated trading volume onto a few compliant, large exchanges. This regulatory clarity, while creating barriers, has made the market more predictable for well-capitalized international players willing to partner with established local operators.
OKX's investment of $53 million values Coinone at approximately $265 million. This valuation is significant within the context of the South Korean exchange landscape. Coinone is one of the nation's "Big Four" exchanges, alongside Upbit, Bithumb, and Korbit. Upbit dominates the market with an estimated 82% share of spot trading volume.
Coinone's daily trading volume averaged approximately $350 million over the past quarter, a fraction of Upbit's multi-billion dollar daily flow. The $53 million investment is comparable in size to historical transactions in the region. For instance, in 2021, a consortium led by Vidente acquired a controlling stake in Bithumb for roughly $460 million during a peak market cycle.
| Metric | Coinone Post-Investment | Peer Comparison (Upbit) |
|---|---|---|
| Implied Valuation | $265 million | ~$8 Billion (est. market cap) |
| Daily Spot Volume | ~$350 million | ~$2.5 Billion |
| Market Share | ~10% | ~82% |
The investment comes as global crypto markets show resilience, with Bitcoin trading near $68,000, up 55% year-to-date, outperforming the Nasdaq Composite's 12% gain.
The direct beneficiary of this deal is Coinone, which gains substantial capital and technological resources from OKX to compete more effectively with market leader Upbit. The partnership could lead to improved liquidity and a wider range of trading products for South Korean users. The move is bearish for smaller, standalone Korean exchanges that lack the capital and global partnerships to compete.
A second-order effect is increased competition in the Korean Won trading pair market. OKX’s global footprint may attract more international liquidity to Coinone, potentially narrowing the Kimchi Premium arbitrage gap over time. This could impact quantitative trading firms that profit from the differential between Korean and global Bitcoin prices.
A counter-argument is that regulatory risk remains high. South Korean financial authorities maintain a cautious stance, and any policy shift could hinder OKX’s operational plans. The success of the integration is not guaranteed, as seen with cultural and operational challenges in other cross-border crypto acquisitions.
Trading flow data suggests institutional investors are monitoring Upbit operator Dunamu's stock (KRX: 357870) for any signs of market share loss. Options flow indicates some hedging against increased competitive pressure in the sector.
The primary catalyst is regulatory approval from South Korea’s Financial Services Commission (FSC), expected by Q4 2026. Approval is likely but not automatic, and the FSC’s specific conditions will be critical. A key level to watch is Upbit’s market share; a drop below 80% would signal that OKX’s strategy is gaining traction.
The next major earnings call for Dunamu on 15 August 2026 will provide the first management commentary on the competitive threat posed by the OKX-Coinone alliance. Analysts will scrutinize user growth and fee revenue metrics for any early impact.
Traders should monitor the Kimchi Premium on platforms like CryptoQuant. A sustained compression of the premium below 1% would indicate successful market integration and arbitrage efficiency. The premium currently hovers around 2.5%.
OKX’s $53 million for a 20% stake is a minority investment, whereas Binance acquired a majority position in Gopax. The differing strategies highlight two approaches: OKX is opting for a strategic partnership to manage the market cautiously, while Binance took direct control. Gopax faced significant financial distress prior to its acquisition, while Coinone is a profitable, established exchange, making the deals fundamentally different in risk profile.
South Korean retail investors are likely to benefit from increased competition. The partnership could lead to lower trading fees, more listed assets, and advanced trading features imported from OKX’s global platform. However, investors should conduct their own research on any new products offered, as regulatory protections may differ from those governing traditional securities on the Korea Exchange.
Foreign investment has been rare due to strict capital controls and regulatory hurdles. Before the Binance-Gopax deal, the most notable foreign interest was in 2017-2018 when various venture funds made minor investments. The current wave, led by the world’s largest exchanges, signals a maturation of the local market and its acceptance as a strategic asset within global crypto expansion plans.
OKX’s minority stake secures a regulated gateway into a multi-billion dollar market dominated by a single player.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.
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