Global crypto exchange OKX is in negotiations to acquire a major stake in South Korea's Coinone platform. According to Yonhap News Agency, OKX and Korea Investment & Securities plan to acquire 20% of Coinone's shares through a new issuance. Through this deal, OKX will gain access to one of the largest crypto markets in Asia. This is reported by Cointelegraph.com reports .
South Korean regulators are tightening oversight of local exchanges. Specifically, Coinone was recently fined $3.5 million and partially suspended for violating anti-money laundering (AML) rules. Despite this, Coinone remains one of the five most important crypto platforms in the country, alongside Upbit, Bithumb, Korbit, and Gopax.
Previously, there were reports that Coinbase had also considered acquiring Coinone shares, but no final agreement was reached. Currently, local financial groups are also actively entering the crypto asset market. For example, Mirae Asset Consulting acquired a controlling stake in the Korbit exchange, while Hana Financial Group announced an investment in Dunamu Inc., the operator of Upbit.
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