OKX, KIS to buy 19.6% of Coinone for $106M

Coinone announced an agreement for Korea Investment & Securities (KIS) and OKX Ventures to buy a combined 19.6% stake for 160 billion won ($106 million). The transaction was disclosed Friday and remains subject to approval from South Korean regulators.

Under the deal, KIS and OKX Ventures would become joint third-largest shareholders in Coinone, behind CEO Myung-Hun Cha and existing backer Com2uS Holdings. The purchase includes both secondary share sales from current investors and newly issued shares. Myung-Hun Cha is expected to remain the largest shareholder and retain management control.

OKX described the partnership as consistent with “compliant, well-regulated infrastructure.” KIS plans to work with Coinone on security token offerings and stablecoin businesses while South Korean authorities develop rules for tokenized finance.

South Korea implemented the Virtual Asset User Protection Act in 2024, which imposed stricter anti-money-laundering and transaction-monitoring requirements for exchanges. Regulators are preparing a second phase of legislation that will address stablecoins and tokenized securities, increasing oversight of licensed platforms.

The investment follows a trend of institutional stakes in licensed South Korean exchanges. In February, Mirae Asset Consulting agreed to acquire a 92.06% stake in Korbit for 133.48 billion won (about $93 million). This month, Hana Financial Group announced plans to invest roughly 1.003 trillion won ($668 million) to buy a 6.55% stake in Dunamu, operator of Upbit.

OKX and KIS had been reported to be in talks earlier this month. Regulators must clear the transaction before it can close. If approved, the new shareholders will join Coinone’s existing ownership alongside Cha and Com2uS, and current management leadership will remain in place.