Coinone, one of South Korea’s largest regulated crypto exchanges, is weighing a potential change in ownership as major shareholders explore selling their stakes, a move that has fueled speculation about interest from global players, including Coinbase.

According to a report from Seoul Economic Daily, Coinone has begun a process to sell the shares held by chairman Cha Myung-hoon, who controls roughly 53.4% of the exchange. The company confirmed it is in discussions with both overseas crypto exchanges and domestic financial institutions about possible partnerships or equity investments, but said no final decision has been reached.

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The talks come amid accelerating consolidation across South Korea’s crypto sector, where tighter regulation and intense competition are pushing exchanges toward mergers, acquisitions and strategic alliances.

A sale shaped by South Korea’s market scale

Beyond Cha’s stake, the potential transaction could also involve shares held by Com2uS, which owns about 38.4% of Coinone after acquiring the position between 2021 and 2022. By the end of the third quarter of 2025, Com2uS’ book value for its Coinone investment had fallen to 75.2 billion won, or roughly $52 million, below the estimated $65 million purchase price.

South Korea remains one of the world’s most active crypto markets. Data from Chainalysis ranks the country as the second-largest crypto market in the Asia-Pacific by total value received. As of March 2025, South Korea had more than 16 million crypto investors — nearly a third of its population — surpassing the number of domestic stock market participants.

That scale has made the country a strategic target for both local financial groups and international exchanges seeking regulated access to Asian retail traders.

Coinbase speculation adds fuel to consolidation trend

Speculation has intensified around potential interest from Coinbase, the largest US-based crypto exchange by trading volume. Seoul Economic Daily reported that Coinbase plans to visit South Korea to discuss a possible equity investment and broader cooperation with Coinone and local partners.

Coinbase has said it operates in more than 100 countries, but it has not launched a fully regulated exchange business in South Korea. The company declined to comment on the reported visit or on any acquisition plans, saying it does not address market rumors. Coinone also did not immediately respond to requests for additional comment.

The Coinone discussions follow a string of high-profile deals across South Korea’s crypto industry. In recent months, reports have linked Naver to a potential acquisition of Upbit, while Mirae Asset Group has said it plans to buy Korbit in a deal reportedly valued at up to $100 million. Binance also completed a majority stake purchase in local exchange Gopax in late 2025.

Together, the moves underline how South Korea’s crypto market is entering a new phase, with scale, regulation and capital strength becoming decisive factors for survival.