South Korea’s Third-Largest Crypto Exchange Coinone Reportedly Put Up for Sale

South Korea’s crypto market may be heading for another major shake-up as Coinone, the country’s third-largest cryptocurrency exchange, is reportedly up for sale.

Industry say multiple options are on the table, including a partial sale of the stake held by Coinone’s majority shareholder and chairman, Cha Myung-hoon. Discussions are said to be ongoing, though no final structure has been agreed upon.

Chairman Cha controls 53.44% of Coinone’s shares through a combination of direct ownership and his personal company, The One Group. Reports indicate that a portion of this stake is now being considered for sale.

Coinone confirmed that it is in talks with potential partners, including overseas crypto exchanges and domestic financial institutions, focusing on equity investments and strategic partnerships. However, the company stressed that no specific method or outcome has been finalized.

Market watchers have linked the possible sale to Chairman Cha’s recent return to frontline management, just four months after stepping down as CEO. Some industry observers believe the move was designed to stabilize operations and boost valuation ahead of a deal.

Coinone, however, says Cha returned to strengthen technological competitiveness as the exchange approached a double-digit market share.

A former white-hat hacker, Cha has long focused on security and product development, including the formation of a dedicated AI team even during his absence from day-to-day management.

Speculation is also growing around Com2uS, Coinone’s second-largest shareholder. Com2uS acquired a 38.42% stake between 2021 and 2022, but Coinone’s continued losses have weighed on its valuation.

As of the end of the third quarter last year, Coinone’s book value stood at 75.2 billion won, down from the roughly 94.4 billion won valuation implied when Com2uS bought its stake. Industry insiders claim Coinone may have been quietly marketed for sale since late last year, with some talks reportedly advancing to due diligence.

Adding to the intrigue, Coinbase is said to be exploring an equity investment. The U.S.-based exchange is expected to visit this week and hold meetings with major local companies, including Coinone.

Sources say Coinbase remains keen on the Korean market due to its large and active investor base, while also seeking partners to develop products that comply with strict local regulations.

Coinone’s potential sale comes amid a wave of consolidation as South Korea’s crypto industry becomes more institutionalized. Recent moves include Naver Financial’s merger agreement with Dunamu, Mirae Asset Securities’ push to acquire Korbit, and Binance’s entry into the domestic market following regulatory approval tied to its acquisition of GOPAX.

Ultimately, a Coinone deal would mark another significant milestone in the reshaping of South Korea’s crypto exchange landscape.