South Korea’s Coinone may enter a major ownership shift as Coinbase explores equity cooperation, signaling consolidation pressure across the local crypto exchange market.
South Korea’s third-largest crypto exchange Coinone may be up for sale, according to local industry reports. The development has come to the limelight as Coinbase is planning meetings in South Korea.
Coinone Sale Talks Emerge as Coinbase Enters South Korea
According to Seoul Economic Daily, Coinone’s major shareholder and chairman Cha Myung-hoon is reviewing strategic options. These options reportedly include sale of part of his stake. Cha and others currently have 53.44% of Coinone. Meanwhile, game publisher Com2uS has another 38.42% stake.
Seoul Economic Daily reports that South Korea’s third-largest crypto exchange Coinone is up for sale. Major shareholder and chairman Cha Myung-hoon is considering selling part of his stake and exploring other options. Coinbase will visit Korea this week to discuss equity…
— Wu Blockchain (@WuBlockchain) January 26, 2026
Industry sources said that Coinbase officials are visiting South Korea in late January 2026. The visit is to discuss equity investment and broader cooperation with Coinone and local companies. Therefore, the presence of Coinbase brought more speculation about a possible deal.
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Coinone confirmed that it has been in touch with overseas exchanges and domestic financial institutions. However there has been no specific structure finalized, the company said. Still, the talks are in line with Coinbase’s 2026 “everything exchange” strategy. That strategy is focused on growing into new regions and asset classes.
Chairman Cha recently returned to active management after having stepped down as the chief executive. Observers saw the move as preparation for a potential stake sale. Coinone explained that Cha’s return is good for technology differentiation and service development. The exchange is said to be close to double-digit market share.
Cha is known as a former white hat hacker with a technical background. During his absence, Coinone formed a dedicated team of AI. This move was to secure the platform better and make the operation more efficient. As a result, management stability is a major selling point.
Regulatory Pressure and M&A Reshape South Korea’s Crypto Market
South Korea’s regulatory environment is also affecting Coinone’s strategic review. Proposed rules could limit the stake of major shareholders to between 15% and 20%. These measures have the intention of modernizing governance and mitigating operational risk. Therefore, large shareholders could be under pressure to restructure holdings.
Industry insiders say Com2uS could also look at selling its stake. Com2uS bought 38.42% of Coinone from 2021 to 2022. However, Coinone has gone on posting loses. Its book value dropped to 75.2 billion won, at the third quarter, compared to 94.4 billion won of its initial purchase price.
Beyond Coinbase, Coinone is reportedly buying into other foreign exchanges as well as domestic financial groups. These discussions include potential equity injections as opposed to outright acquisitions. As more institutions become involved, the pace of consolidation across South Korea’s crypto sector has increased.
Recent mergers reflect this trend. Naver Financial and Dunamu agreed to merge together through a stock exchange. Mirae Asset Securities is seeking the acquisition of Korbit. Binance has also edged closer to full domestic entry following the acquisition of GOPAX (subject to regulatory approval).
South Korea is also a key market that crypto companies worldwide are seeking out. Retail trading volumes are often higher than the levels in the national stock market. Additionally, there is a 2026 road map that proposes permitting spot digital asset ETFs. Consequently, the potential sale by Coinone is part of some general structural changes reshaping the country’s crypto industry.