South Korean brokerage Korea Investment & Securities (KIS) is reviewing a potential stake in crypto exchange Coinone, according to Korean media reports and company comments, though no deal has been finalized.
Citing people familiar with the matter, the Korea Herald reported that KIS started engaging with regulators and politicians as part of a broader process tied to a potential investment in Coinone. Coinone also said no specific transaction had been decided.
The news comes as South Korea considers a proposal to cap major shareholders’ stakes in domestic crypto exchanges at 20%, a move that could force ownership changes across parts of the sector if enacted. Coinone Chairman Cha Myung-hoon reportedly controls about 53.44% of the exchange, meaning a stake sale could become one way to adapt if the proposed cap advances into law.
The move would position KIS alongside its rival, Mirae Asset Group, which agreed to acquire a controlling stake in crypto exchange Korbit, according to a February filing. KIS recorded a net profit of over 2 trillion won (about $1.3 billion) in 2025, making it a strong candidate for a potential stake acquisition in Coinone, Hankyung reported.
South Korea moves to cap crypto exchange ownership at 20%
The potential deal unfolds as South Korea moves to reshape ownership structures in its crypto exchange market.
On March 4, the South Korean government and ruling party agreed on a plan to cap ownership stakes of major shareholders in local exchanges at 20%. According to Herald Economy, the Democratic Party of Korea’s digital asset task force and the Financial Services Commission (FSC) agreed to set the maximum shareholding limit at 20% after discussions.
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Under the proposal, exchanges would have three years from the law’s enforcement to adjust their ownership structures if the measure is passed.
With Cha holding more than half of Coinone, the proposed cap could eventually require him to reduce his stake. The Herald said he could still retain management control even if a sale proceeds.
The reported talks follow other recent moves by major South Korean companies to secure positions in the crypto sector.
In late 2025, Naver Financial disclosed plans for a roughly $10.3 billion all-stock deal to acquire Dunamu, the operator of Upbit. On March 30, Naver Financial delayed its planned share swap with Dunamu, as regulatory reviews continued and trading volumes declined.
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