Coinone Put Up for Sale as Korea’s Crypto M&A Wave Intensifies

Coinone, South Korea’s third-largest cryptocurrency exchange, is actively seeking buyers as industry consolidation accelerates across the country. Chairman Cha Myung-hoon, who controls 53.44% of the company, is reportedly in discussions to sell a portion of his 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

The exchange confirmed ongoing talks with overseas platforms and domestic financial institutions. A Coinone spokesperson stated the company is exploring cooperation plans, including equity investment options. However, no specific deal structure has been finalized.

Chairman Cha recently resumed direct management responsibilities four months after stepping down as CEO. Industry observers speculate this move could be preparation for an ownership transition.

Coinone attributed his return to efforts aimed at strengthening technological differentiation. The company says it is approaching double-digit market share. Chairman Cha, a former white-hat hacker, has been building a dedicated artificial intelligence team.

Coinone Major Shareholders Explore Exit Options

Industry sources suggest Comtus, Coinone’s second-largest shareholder with 38.42% ownership, may also be seeking to divest. The gaming company acquired its stake between 2021 and 2022 at a cost of 94.4 billion won.

Coinone’s persistent losses have eroded that investment significantly. By the end of Q3 last year, the book value of Comtus’s holdings had dropped to 75.2 billion won. This represents a paper loss exceeding 19 billion won.

Market participants indicate sale discussions began between late last year and early this year. One senior industry official reported the process has reached the due diligence stage.

Meanwhile, Coinbase, America’s largest cryptocurrency exchange, is scheduled to visit South Korea this week. The U.S. giant will hold meetings with major domestic companies, including Coinone.

An industry source noted Coinbase maintains strong interest in the Korean market. Korean investors represent a considerable trading volume globally. Coinbase reportedly seeks local partners to develop products compliant with Korean regulations.

Korean Crypto Industry Faces Rapid Consolidation

The potential Coinone sale comes amid unprecedented merger and acquisition activity in Korea’s virtual asset sector. Regulatory clarity has accelerated corporate dealmaking across the industry.

Korean exchanges have operated under strict compliance requirements since 2018. Real-name bank account verification became mandatory for all users that year. By September 2021, exchanges needed Internet Security Management System certification.

Platforms also required a single domestic banking partner to issue verified accounts. Exchanges failing these requirements had to remove Korean won trading pairs or shut down entirely.

The Travel Rule deadline in March 2022 added another compliance layer. Exchanges must track coin transactions on and off their platforms accurately. They must also share real-identity information with transaction counterparties.

Coinone was among the first to implement stricter wallet verification measures. In January 2022, the exchange began rejecting deposits from unverified private wallets. This aimed to reduce money laundering risks ahead of regulatory deadlines.

Following Coinone’s lead, Upbit, Bithumb, Korbit, and over 20 other exchanges adopted similar measures. These compliance costs have strained smaller operators, driving consolidation pressure.

The Financial Action Task Force Travel Rule requires information sharing between exchanges. Korean blockchain analyst Jun Hyuk Ahn previously noted exchanges developed proprietary solutions to meet these requirements.

As regulatory frameworks mature, larger players with compliance infrastructure gain competitive advantages. Smaller exchanges face difficult choices between costly upgrades or strategic exits through acquisition.

The Coinone situation reflects broader industry dynamics. Exchanges built during the 2021 bull market now face sustained losses and regulatory burdens. Strategic buyers see opportunities to acquire market share and established user bases.