South Korea’s cryptocurrency exchange Coinone is reportedly exploring a sale, with potential interest from Coinbase, the largest cryptocurrency exchange in the United States. Cha Myung-hoon, Coinone's chairman and major shareholder, is considering selling part of his stake, which includes his personal holdings and those of his company, The One Group, totaling 53.44%. Com2uS, a local gaming firm holding a 38.42% stake acquired between 2021 and 2022, might also include their shares in a potential deal.
Coinbase is scheduled to visit South Korea this week to discuss potential equity investments and collaboration opportunities with Coinone and other major local companies. While Coinbase has declined to comment on the reports, industry sources suggest that the U.S. exchange's interest in the South Korean market remains strong.
Coinone has been facing financial pressure, reporting losses in recent periods. At the end of the third quarter of 2025, the exchange's book value was approximately 75.2 billion won ($52.2 million), a decrease from its previous valuation of 94.4 billion won. This financial situation may be a factor in the decision to explore a sale.
A Coinone representative stated that the company is in discussions with major overseas exchanges and local financial institutions regarding potential equity investments, but emphasized that "nothing specific has been decided yet". Cha Myung-hoon, who recently returned to active management after a four-month hiatus, may be preparing for the stake sale or a larger deal.
The potential acquisition or equity investment comes amid increasing regulatory scrutiny and compliance efforts within the South Korean cryptocurrency market. South Korea has implemented stricter regulations for cryptocurrency exchanges, requiring them to obtain licenses from financial and internet regulators. These regulations aim to provide a more secure trading environment for investors but also add complexity for exchanges.
Coinone, currently the third-largest cryptocurrency exchange in South Korea by trading volume, holds roughly 4% of the South Korean crypto market. Upbit and Bithumb currently lead the trading volume in South Korea. A successful share sale could provide Coinone with much-needed capital for expansion and technological upgrades. Moreover, involvement from a global player like Coinbase could enhance Coinone's international credibility and unlock cross-border partnerships.
The South Korean crypto market remains active, even though cryptocurrency is not considered legal tender. Recent activity includes Binance's acquisition of GOPAX exchange after regulatory approval in October 2025.
