Cryptocurrency exchange OKX has announced a partnership with Korea Investment & Securities to acquire approximately a 20% stake in the South Korean trading platform Coinone through a capital increase. If approved, OKX will become the second global exchange to enter the equity structure of a top-tier Korean exchange, following Binance's stake in Gopax. On the same day, Hana Financial Group also spent about $670 million to acquire shares of Dunamu, the operator of Upbit, from Kakao. The equity landscape of Korean crypto exchanges is undergoing a major reshuffle.
Capital Increase Route: Avoiding Binance's Regulatory Headaches
Sources indicate the deal will be executed via new share issuance by Coinone, not through sales by existing shareholders, leaving the current management structure untouched. Korea Investment & Securities is one of the country's largest brokerages, with net profits exceeding $1.3 billion in 2025. Coinone is currently majority-owned by Chairman Cha Myung-hoon (53.44%) and ranks among Korea's four compliant exchanges.
OKX's choice of a 20% stake via capital increase rather than a controlling stake appears to be a lesson learned from Binance's experience. Binance acquired a 67% majority stake in Gopax in 2023 through its industry recovery initiative, but it took over two years of anti-money laundering reviews before receiving final approval from the Financial Intelligence Unit (FIU). OKX's conservative approach aims to reduce regulatory friction.
Hana Financial Buys 6.55% of Dunamu for $670M
Another deal emerged the same day, even larger in value. Hana Financial Group, one of Korea's top four banking groups, announced it would acquire 2.284 million shares of Dunamu from Kakao for about KRW 1 trillion (roughly $670 million), giving it a 6.55% stake and making it the fourth-largest shareholder. The founders Song Chi-hyung (25.51%) and Kim Hyoung-nyon (13.1%) remain ahead, along with Woori Technology (7.2%). The transaction is expected to close in June, with plans to collaborate on stablecoin issuance, settlement systems, and digital financial infrastructure. This marks the first major equity deal between a traditional financial group and a digital asset company in Korea.
Proposed 20% Ownership Cap Drives Shareholder Influx
Business logic alone isn't driving this wave of restructuring. South Korean regulators are pushing the Digital Asset Basic Act, which includes a key provision capping any single shareholder's stake in an exchange at 20%. For Coinone, Chairman Cha's 53.44% far exceeds the proposed limit; if the act passes, he would be forced to reduce holdings or restructure equity within three to six years. This explains why a "dilution via capital increase" rather than a "direct transfer" became the preferred path for OKX—it brings in external capital without immediately challenging the founder's control, buying time before regulations take effect. However, legislative progress has been slow due to disputes over stablecoin issuance authority. The ruling Democratic Party has postponed substantive negotiations until after the June 3 local elections, meaning the act won't take effect until late 2026 or 2027 at the earliest.
Two major deals within a single day signal a shift from "founder-led" to "institutional ownership" in Korean crypto exchanges. Regulatory pressure and capital inflows are reshaping this key Asian crypto market.