[비즈한국] Global virtual asset exchange OKX has selected Coinone as its bridgehead for entering the Korean market. OKX has acquired a 19.6% stake in Coinone alongside Korea Investment & Securities as part of a strategic investment. OKX plans to join the Coinone board of directors to provide support in areas of technology, security, and compliance management. However, with the authorities set to strengthen major shareholder screenings following the amendment of the Act on Reporting and Using Specified Financial Transaction Information (Special Financial Transaction Information Act), attention is focused on whether they can clear the regulatory hurdle.
The industry is taking note as OKX chooses Coinone as its local partner in Korea. The four companies—Coinone, OKX, Korea Investment & Securities, and Com2uS Holdings063080—have formed a shareholder alliance. At a joint press conference on June 4, the four companies announced their goal of leapfrogging Coinone from a virtual asset exchange into a blockchain-based comprehensive financial firm. The conference was attended by Star Xu, founder and CEO of OKX; Kim Sung-hwan, CEO of Korea Investment & Securities; Song Byung-jun, Chairman of Com2uS Holdings; and Cha Myung-hun, CEO of Coinone.
CEO Cha Myung-hun explained, “Since the end of last year, we have been considering ways to attract investment from large brokerage firms and top-tier global exchanges for Coinone's growth.” Regarding the roles of each investor, he noted, “Korea Investment & Securities will upgrade our risk management system with its traditional financial compliance know-how and credibility. Com2uS Holdings will lower the barrier to investment entry based on its global content IP and IT infrastructure. OKX will transplant its globally verified trading technology infrastructure and blockchain technology into Coinone.”
The four companies emphasized that CEO Cha’s management rights will be preserved. The share transaction involved CEO Cha Myung-hun (including The One Group) and Com2uS Holdings selling 19.6% each of their stakes to Korea Investment & Securities and OKX. After the sale, CEO Cha’s side retains 30.4%, and Com2uS Holdings retains 24.5%. Korea Investment & Securities and OKX will participate in Coinone’s board of directors, and as strategic investors (SI), they are expected to create synergy with their core businesses in areas like token securities and stablecoins.
OKX is the world’s second-largest virtual asset exchange, having been valued at $25 billion (approx. 33 trillion KRW) by Intercontinental Exchange (ICE, the parent company of the New York Stock Exchange). It has already obtained licenses from regulatory agencies in major regions, including Europe (MiCA), the US (FinCEN MSB), Singapore (MAS), and the United Arab Emirates (VARA).
At the conference, CEO Star Xu stated, “The Korean market is one of the most mature in the Asia-Pacific region. User participation and the regulatory framework for virtual assets are at a high level. We will collaborate on technology and risk management to make Coinone a trusted platform.” OKX plans to impart its technical infrastructure, security technology, and compliance know-how—gained from large-scale user trading experiences—to Coinone. The move also highlights their willingness to build trust with regulatory authorities as they grow Coinone.
What is interesting is that OKX shows a friendly attitude toward Korean market regulations. OKX identified △regulatory compliance, △security and risk management capabilities, and △global operational experience as the background and expected areas of synergy for the Coinone investment. Regarding regulatory compliance, they explained, “Korea is a market with the world’s highest level of digital asset regulatory systems, including mandatory real-name accounts, major shareholder screenings, and active supervision. We decided this was a strategic priority market that aligns with operating principles within a regulatory framework.”
This seems to consider that Korea is preparing to enact a Basic Act on Digital Assets (Phase 2 virtual asset bill). The government and the ruling party are preparing the bill with the goal of legislation within the year. Although the bill has been discussed since last year, it was effectively pushed to the second half of the year due to disagreements over details. The fact that Korea Investment & Securities and OKX acquired less than 20% of Coinone’s shares also appears to account for the major shareholder eligibility criteria. Binance, a global exchange that entered earlier, acquired Gopax (Streami) in February 2023, but it took nearly three years to have its change of board members accepted by the Korea Financial Intelligence Unit (KoFIU).
However, as financial authorities have strengthened entry regulations for virtual asset businesses through the amendment of the Special Financial Transaction Information Act, set to take effect on August 20, the results of the major shareholder eligibility screening remain to be seen. Under the amendment, major shareholders are now subject to criminal background checks during the virtual asset business reporting process. The scope of relevant laws has also been significantly expanded to include the Narcotics Control Act, the Fair Trade Act, the Punishment of Tax Evaders Act, and the Act on the Aggravated Punishment, etc. of Specific Economic Crimes.
The amendment specifies the scope of major shareholders and specially related persons. Specially related persons include shareholders who have appointed a majority of the representative directors or directors, and those recognized as exerting dominant influence over major decision-making or business execution, such as management strategy and organizational changes, as determined and announced by the head of the KoFIU.
Additionally, the social credibility of the virtual asset business, the organization and personnel for complying with virtual asset-related laws, and internal control systems are now subject to scrutiny. Authorities have also established a basis to attach binding conditions for money laundering prevention and user protection even after accepting a report. Ahead of the implementation, the KoFIU gathered working-level staff from won-denominated exchanges on the 4th to listen to their opinions on the amendment.
In February 2025, OKX had a history of admitting to unauthorized money transmission and agreeing to a fine of over $500 million when investigated by the US Department of Justice (DOJ) for violating anti-money laundering laws. At the time, OKX stated, “These were transactions by some US users, and we have now blocked all such users.” In 2024, it was also reported to the KoFIU as an unregistered business in Korea for promoting itself through local influencers.
Meanwhile, following the investment, Coinone successfully renewed its virtual asset business registration on May 29, breathing a sigh of relief. On the same day, the court granted Coinone’s application for a stay of execution against the 3-month partial business suspension order imposed by the KoFIU. The KoFIU had deemed that Coinone violated obligations such as the prohibition of trading with unregistered overseas virtual asset businesses and customer due diligence, leading to the 3-month restriction on incoming/outgoing virtual asset services for new customers and a fine of 5.2 billion KRW. Accordingly, the effect of the order has been suspended for 30 days from the date of the final court ruling.