Coinone, one of a handful of regulated South Korean cryptocurrency exchanges, is reportedly up for sale, with both local financial institutions and foreign exchanges among the rumored bidders.
The company has begun a process to sell the stake held by chairman Cha Myung-hoon, who controls 53.4% of the company, local news agency Seoul Economic Daily reported on Sunday.
โWe are discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions,โ Coinone confirmed to the outlet, adding that no final decision has been made.
The reported sale comes amid a wave of consolidation in South Koreaโs crypto industry, with major mergers and acquisitions involving Binance, Naver, Dunamu and Mirae Asset.
South Korea is one of the largest crypto markets globally
Apart from Chaโs 53% stake, Coinoneโs potential sale reportedly involves an additional share sale by local game dev company Com2uS, which acquired a 38.4% stake in the exchange between 2021 and 2022.
Com2uSโs book value in Coinone fell to 75.2 billion won ($52 million) by the end of the third quarter of 2025, far below the $65 million it paid for the stake, the report said.
South Korea is the second-largest crypto market in the Asia-Pacific by total value received, according to Chainalysis, making it one of the worldโs key digital asset hubs.
In March 2025, the country had 16.29 million crypto investors, or nearly 32% of the population, surpassing the 14.23 million stock investors reported at the time.
Speculation grows over possible Coinbase investment
Coinbase, the largest US crypto exchange by trading volume, has been widely speculated to be interested in acquiring a stake in Coinone, given the strategic importance of the South Korean market.
The Seoul Economic Daily reported that Coinbase plans to visit South Korea this week to discuss a potential equity investment and cooperation with Coinone and local companies.
While Coinbase says it operates in more than 100 countries, it has not formally launched or operated a dedicated exchange under South Korean regulation.
Coinbase declined to comment to Cointelegraph on the reported visit or on whether it is considering entering the South Korean market, saying it does not comment on rumors or speculation. Coinone did not immediately respond to a request for comment.
The news came amid a wave of deals in South Koreaโs crypto exchange sector, including September 2025 reports that Naver would acquire Upbit, the countryโs largest crypto exchange.
Related: South Korea weighs ending one-bank rule for crypto exchanges: Report
Mirae Asset Group, a major South Korean financial services firm, said it planned to buy Korbit, one of the countryโs largest exchanges, in late 2025 in a deal worth up to $100 million.
Binance, the worldโs largest crypto exchange by trading volume, reportedly completed a majority stake acquisition in local exchange Gopax in October 2025 as part of its return to the market.
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