Mirae Asset has completed its takeover of South Korean cryptocurrency exchange Korbit after securing regulatory approval, paving the way to raise its ownership stake to more than 97%.
- Mirae Asset has completed its acquisition of Korbit and plans to raise its ownership stake to more than 97%.
- Korbit said its services, customer assets, and personal data handling will remain unchanged following the ownership change.
- The deal adds to a wave of investments by financial firms and global crypto companies in South Korea’s regulated digital asset market.
According to an announcement from Korbit, Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, has become the exchange’s largest shareholder after completing the required regulatory reporting process for its acquisition of a controlling stake.
A revised regulatory filing submitted by Mirae Asset on Tuesday showed the firm also plans to acquire an additional 7.35 million Korbit shares worth about 7.2 billion won ($5.32 million), according to the Korea Herald. Once the purchase is completed, Mirae Asset’s ownership will increase from 92.06% to 97.15%. Yonhap News Agency reported that the additional transaction is scheduled to close on Friday.
Korbit told users that the ownership change will not affect its day-to-day operations. The exchange said the operating company, Korbit Co., Ltd., will remain unchanged, allowing customers to continue using login, trading, deposits, and withdrawals without interruption.
The exchange also said customer deposits and virtual assets will continue to be held separately from company assets under South Korea’s Virtual Asset User Protection Act. In the same notice, Korbit confirmed it will remain the controller of users’ personal information, with no changes to how personal data is processed or used, meaning customers do not need to take any action.
Earlier this month, South Korea’s Fair Trade Commission approved the acquisition, describing it as the country’s first case of an affiliate of a traditional financial group acquiring a cryptocurrency exchange, according to the Korea Herald.
Mirae Asset Consulting has previously said the acquisition is intended to secure future growth opportunities built around digital assets.
Traditional finance increases exposure to crypto
With the transaction now completed, one of South Korea’s largest financial groups has formally entered the country’s regulated cryptocurrency exchange sector as traditional financial institutions continue increasing investments in digital assets.
According to CoinGecko data, Korbit processed roughly $4.3 million in spot trading volume over the past 24 hours, making it South Korea’s fourth-largest cryptocurrency exchange. Market leader Upbit handled approximately $224.2 million during the same period.
The acquisition also follows a series of investments that have brought established financial institutions closer to the country’s crypto industry.
In May, OKX Ventures agreed to acquire a 19.6% stake in South Korean exchange Coinone through an 80 billion won ($53 million) investment, pending regulatory approval. Coinone said the investment, made alongside Korea Investment & Securities, would combine secondary share purchases with subscriptions for newly issued shares.
As part of that agreement, Coinone and OKX Ventures said they would exchange expertise in user protection, security systems, and risk management, while Korea Investment & Securities said it intends to pursue opportunities involving security tokens and stablecoins as South Korea continues discussions on digital asset legislation.
The Coinone investment came after Binance’s acquisition of rival exchange Gopax, adding to a growing list of global cryptocurrency firms expanding into South Korea’s regulated digital asset market.
Domestic financial institutions have also stepped up activity across the sector. Earlier this year, Samsung subsidiaries announced plans to acquire a combined 4% stake in Dunamu, the parent company of Upbit, while several major banks and payment companies, including KB Kookmin, Shinhan and NHN KCP, entered partnerships involving tokenized deposits and stablecoin payment infrastructure.
Korbit continues expanding partnerships
Before the ownership change, Korbit had already been expanding its blockchain partnerships.
In November 2024, the exchange partnered with Coinbase to integrate Base, Coinbase’s Ethereum layer-2 network, allowing users to deposit Ether on Ethereum and withdraw it through Base, or complete the process in reverse.
At the time, Coinbase said it would support Korbit through promotional campaigns, community events and initiatives tied to the Base ecosystem. The companies also said they planned to cooperate on developing on-chain technology in South Korea and expanding support for Base network functions.
Korbit Chief Executive Officer Oh Se-jin said the partnership with Coinbase would help the exchange develop services aligned with global industry trends and strengthen its competitiveness. Coinbase Vice President of Business Development Dan Kim said the company planned to work with Korbit on buildathons, hackathons, and educational community events designed to introduce more Korean users to the Base ecosystem.
