Traditional Finance Sweeps up Korea's Top Crypto Exchanges

Korea's top three cryptocurrency exchanges have been acquired by traditional financial institutions. Mirae Asset, South Korea's largest securities firm, bought a 97.15% stake in Korbit for approximately $92 million in February 2026. Hana Financial Group agreed to purchase a 6.55% stake in Upbit's operating entity, Dunamu, from Kakao Investment for around $667 million in May 2026. OKX Ventures and Korea Investment & Securities jointly acquired a 19.6% stake in Coinone, South Korea's third-largest exchange, with each investing approximately $53 million.

The Korean government has strict regulations on the crypto market, limiting fiat-to-crypto exchanges to only five licensed CEXs, which must be linked to a real-name verified bank account. The Financial Services Commission implemented the real-name system in January 2018, and all Virtual Asset Service Providers (VASPs) must register with the Korea Financial Intelligence Unit to operate.

This influx of traditional finance into cryptocurrency exchanges is driven by the growing size of the crypto market. With only five licensed CEXs that can convert Korean Won into cryptocurrency, owning an exchange's equity is equivalent to owning the conduit connecting Korean retail savings to digital assets.