Coinbase weighs potential stake in South Korean exchange Coinone amid sale talks
South Korean cryptocurrency exchange Coinone, the country’s third-largest by trading volume, is reportedly exploring the sale of a significant ownership stake, with U.S.-based Coinbase emerging as one of the potential investors under consideration.
According to local business media citing a company representative, Coinone is examining options to sell a substantial portion of the holdings of its chairman and largest shareholder, Cha Myung-hoon. Cha currently controls a combined 53.4% stake in the platform: roughly 19.14% held in his own name and more than 34% owned via his corporate vehicle, The One Group.
A spokesperson for Coinone confirmed that the exchange is in discussion with multiple parties, saying the company is reviewing “partnerships, including equity investments, with overseas exchanges and domestic financial institutions.” At the same time, the representative stressed that negotiations remain preliminary and “no concrete decisions have been made yet.”
Industry sources quoted in the same report claim that Coinone has effectively been on the market since late 2025, with management quietly testing investor appetite for both strategic partnerships and outright changes in control. One insider suggested that the company may also be assessing whether to bundle the stake held by its second-largest shareholder, gaming and entertainment firm Com2uS, into any eventual deal. That possibility could create a larger, more attractive block of shares for a foreign strategic buyer.
The financial backdrop adds urgency to the talks. Coinone has reportedly been under mounting balance sheet pressure, posting repeated quarterly losses that have steadily eroded its book value. By the end of the third quarter, the company’s net assets were estimated at around 75.2 billion won (approximately 52.2 million dollars), marking a noticeable decline from an earlier valuation of 94.4 billion won. This downward trajectory raises questions about how much a buyer would be willing to pay and whether existing shareholders will accept a discount to past valuations.
In a notable management move, Cha Myung-hoon recently returned to an active leadership role after stepping down as CEO and taking a four-month hiatus. His reappearance at the operational forefront is widely interpreted by observers as preparation for a major strategic shift, which could include formalizing a sale process, restructuring the company to make it more attractive to buyers, or negotiating from a position of greater control.
Coinone’s history has been complicated by a series of controversies that have weighed on its reputation. In 2023, the exchange became embroiled in a scandal after it emerged that an insider had accepted illicit payments in exchange for listing particular tokens, raising concerns over internal controls and listing transparency. Then in 2024, South Korea’s Financial Supervisory Service opened an investigation into suspected price manipulation connected to the Movement token, again placing Coinone under regulatory scrutiny. These incidents may not only depress its valuation but also make regulatory compliance a core concern for any prospective partner.
Despite these challenges, the South Korean crypto market remains one of the most attractive in the world, thanks to its large, highly engaged retail investor base and intense trading activity. This is reportedly one of the key reasons Coinbase is exploring deeper involvement in the country. An unnamed source familiar with the matter indicated that Coinbase executives are preparing to visit South Korea this week to meet senior figures at major domestic firms, with Coinone believed to be among the top candidates for strategic discussions.
The same source said Coinbase is “seeking partners to develop and respond to products compliant with Korean regulations,” indicating that any deal would likely go far beyond a passive financial investment. Instead, Coinbase appears interested in leveraging a local partner to design services tailored to Korea’s strict licensing rules, consumer protections, and anti–money laundering obligations.
If Coinbase were to acquire a meaningful stake in Coinone, the move would mirror a broader trend of global exchanges using local partnerships, joint ventures, or acquisitions to enter heavily regulated markets. South Korea has already seen a precedent: Binance completed the purchase of local exchange Gopax after nearly two years of regulatory review, highlighting both the interest of foreign players and the complexity of gaining official approval.
For Coinbase, which has been steadily expanding internationally in response to regulatory uncertainty in its home market, South Korea represents a strategic prize. The country’s traders are known for rapid adoption of new digital assets, high liquidity, and a culture of speculative investing that can drive substantial volumes. A foothold in this ecosystem could diversify Coinbase’s revenue and reduce its reliance on North American and European customers.
From Coinone’s perspective, bringing in a globally recognized partner could help repair its image after past scandals. A tie-up with Coinbase might allow the Korean exchange to upgrade its compliance framework, implement more robust governance standards, and adopt advanced security and risk management tools. These improvements could make regulators more comfortable and restore confidence among retail users who have become more cautious following a series of industry blowups worldwide.
A potential transaction also needs to be viewed through the lens of South Korea’s evolving regulatory environment. Authorities have been tightening oversight of digital asset platforms, demanding higher capital reserves, stricter internal controls, and greater accountability for listing and delisting decisions. Smaller or mid-sized exchanges that cannot easily absorb the rising compliance costs may see strategic alliances as a survival strategy. Coinone’s ongoing financial losses and shrinking book value underscore how difficult it can be to compete without fresh capital or a strong global backer.
Valuation will be a crucial sticking point during any negotiations. Coinone’s current book value suggests the exchange might be cheaper than in previous years, but its established user base, operating licenses, and integration with Korean banking infrastructure still carry substantial strategic value. Coinbase or any other bidder will have to weigh the brand and regulatory risks associated with past controversies against the benefits of instant market access.
Another dimension is technology integration. If Coinbase proceeds, it may seek to harmonize some of Coinone’s infrastructure with its own, enabling shared liquidity pools, cross-listings, or unified risk management across markets. Done correctly, this could improve pricing, expand the range of assets available to Korean users, and streamline compliance reporting. However, merging systems across jurisdictions is complex, especially where data residency and privacy rules are strict.
The cultural and political context cannot be overlooked either. South Korean regulators and policymakers have mixed views on foreign dominance in sensitive financial sectors. While they welcome investment and innovation, they are also wary of ceding too much control to overseas firms. Any Coinbase–Coinone tie-up would likely undergo thorough regulatory vetting, with conditions imposed to ensure local oversight and consumer protection. Coinbase’s ability to demonstrate a long-term commitment to Korea, rather than a purely opportunistic play, could be decisive.
The dynamics between existing shareholders will also shape the outcome. Com2uS, as the second-largest investor, may have its own strategic goals, whether that is exiting at an attractive price, rolling over into a new ownership structure, or leveraging a partnership to integrate blockchain services into its gaming and entertainment ecosystem. Aligning the interests of Cha Myung-hoon, Com2uS, and potential foreign bidders will be a delicate negotiation process that could take months.
In the broader global context, a Coinbase move into Coinone would further highlight how crypto exchanges are consolidating and internationalizing in response to regulatory fragmentation. Instead of trying to build from scratch in every jurisdiction, major players are selectively acquiring or partnering with compliant local platforms. This pattern is reshaping the competitive landscape: independent national exchanges face pressure either to scale, specialize in niches, or join forces with larger networks to survive.
For retail traders in South Korea, a successful partnership could eventually translate into a wider selection of assets, more sophisticated trading tools, and possibly better fee structures, depending on how synergies are realized. Yet it could also trigger competitive responses from rival Korean exchanges such as Upbit and Bithumb, prompting a new wave of product innovation and marketing battles in an already crowded marketplace.
At this stage, however, the scenario remains speculative. Coinone’s spokesperson has emphasized that discussions are ongoing and preliminary, while Coinbase has not issued a formal comment on any prospective deal. The coming months—especially following the reported visit of Coinbase executives to Korea—will be critical in determining whether these exploratory talks lead to a landmark cross-border transaction or remain an unrealized possibility in an increasingly competitive Asian crypto market.