Mirae Asset Financial Group has completed its acquisition of South Korean cryptocurrency exchange Korbit, and is now moving to raise its ownership from 92.06% to 97.15%.
In a notice released Thursday, Korbit said Mirae Asset Consulting obtained a controlling stake in the exchange after completing regulatory procedures, making it Korbit’s largest shareholder.
Mirae Asset seeks to buy additional shares for $5.32 million
According to The Korea Herald and Yonhap News Agency, Mirae Asset Group submitted updated regulatory filings on Tuesday to purchase more Korbit shares for $5.32 million. If completed, the deal would increase its stake from 92.06% to 97.15%.
The additional share transaction is expected to settle on Friday.
Korbit says user services will continue without interruption
For existing users, Korbit said the ownership change will not affect platform services. Logins, trading, fiat deposits and withdrawals, and cryptocurrency deposits and withdrawals will continue to operate normally.
The exchange also said that under the Virtual Asset User Protection Act, customer funds and virtual assets will continue to be held separately from company assets. Its personal data handling practices will also remain unchanged, and users do not need to take any additional action.
FTC called it a first for South Korea
The transaction carries significance in the development of South Korea’s financial sector. When South Korea’s Fair Trade Commission approved the deal earlier this month, it said the case marked the country’s first acquisition of a cryptocurrency exchange by an affiliate of a traditional financial group.
Korbit remains far behind Upbit in trading volume
Market share remains a challenge for Korbit. CoinGecko data cited in the report shows Korbit ranks fourth among South Korean crypto exchanges, with roughly $4.3 million in trading volume over the past 24 hours. Market leader Upbit recorded $224 million over the same period.