OKX in talks for a Coinone stake as South Korea AML scrutiny intensifies

OKX is reportedly in talks to buy roughly a 20% stake in South Korea’s crypto exchange Coinone, alongside Korea Investment & Securities, as competition for won-denominated trading access heats up. Yonhap says the plan would mainly use Coinone issuing new shares rather than an outright transfer of existing holdings. That structure is intended to bring in fresh capital while keeping management control largely unchanged. For traders, Coinone is one of South Korea’s key won-trading venues. But the backdrop is stricter compliance: on April 13, Coinone was fined about $3.5 million and ordered a three-month partial suspension for serious AML failures, including weak customer verification and dealings involving unregistered overseas exchanges. A potential OKX Coinone move could lift sentiment around liquidity and participation, yet it also spotlights near-term regulatory execution risk. OKX declined to comment, and Korea Investment & Securities did not respond. The deal chatter also follows earlier interest from Coinbase (no announced transaction). Domestically, firms are moving quickly too: Mirae Asset Consulting agreed to buy a 92.06% stake in Korbit, while Hana Financial Group plans to invest about 1.003 trillion won for a 6.55% stake in Dunamu (Upbit operator).