Coinone, South Korea's third-largest cryptocurrency exchange, has confirmed it is exploring partnership opportunities that could involve the sale of a controlling stake held by its chairman and major shareholder, Cha Myung-hook, according to a report by Seoul Economic Daily on January 25.
Cha controls 53.44% of Coinone through a combination of personal shares (19.14%) and holdings via his private company, The One Group (34.30%). A Coinone spokesperson acknowledged the ongoing discussions but emphasized that "the specific method has not been decided."
From Block Deal to Due Diligence
One senior industry official told Seoul Economic Daily that Coinone had been offered as a block deal between late 2025 and early this year, with discussions reportedly reaching the due diligence stage. The exchange is now in talks with both overseas exchanges and domestic financial institutions regarding equity investments.
Financial Strain Drives the Move
Financial pressures appear to be the main catalyst. Coinone's book value declined to approximately 75.2 billion won (around $52.2 million) by the end of Q3 2025, significantly below Com2uS's initial acquisition cost of 94.4 billion won, as the exchange continues to post operational losses.
Chairman Cha recently returned to active management after stepping down from the CEO position four months earlier. While Coinone attributed his return to efforts to strengthen technological differentiation, industry observers view the move as preparation for a potential ownership transition.
Coinbase's Korean Move
Market attention has focused on potential Coinbase involvement. According to reports, Coinbase executives are scheduled to visit South Korea this week to meet with major domestic companies, including Coinone. Industry officials noted that Coinbase maintains strong interest in South Korea due to the substantial size of the local investor base and is seeking partners to develop products compliant with Korean regulations. Coinbase has not officially launched operations under South Korean regulation despite serving customers in numerous other countries.
Regulatory Backdrop: Ownership Cap and Fines
The stake sale comes amid a broader regulatory tightening in South Korea. The government previously proposed a maximum ownership cap for founders in local crypto startups, a move opposed by the South Korea Digital Asset Exchange Alliance (DAXA), which argued it could destabilize established governance structures and long-term user protection.
Additionally, the country has intensified anti-money laundering enforcement. Dunamu, operator of the largest local exchange Upbit, was fined 35.2 billion won over user protection violations.