Coinbase is reportedly exploring a potential investment in Coinone, one of South Korea’s largest cryptocurrency trading platforms, as Coinone’s leadership considers selling a significant ownership stake.
According to a report from the Seoul Economic Daily, Coinone is evaluating the sale of part of Chairman Cha Myung-hoon’s 53.4% stake, which includes both his personal holdings and shares owned through his company, The One Group. While discussions are said to be in early stages, Coinbase has emerged as one of the overseas exchanges mentioned in preliminary talks.
Coinone weighs options amid financial pressure
A Coinone spokesperson confirmed that the company is in discussions around potential partnerships, including equity investments, with both international exchanges and domestic financial institutions. However, they emphasized that no final decisions have been made.
Industry sources cited in the report suggest Coinone has been seeking buyers since late 2025 and may also look to include the stake held by its second-largest shareholder, Com2uS, as part of a broader transaction.
The potential sale comes as Coinone faces mounting financial strain. The exchange has reported consistent losses over recent quarters, leaving it with a book value of approximately 75.2 billion won ($52.2 million) at the end of the third quarter down sharply from a prior valuation of 94.4 billion won.
Chairman Cha, who previously stepped down as CEO, recently returned to active management after a four-month hiatus. Market watchers speculate the move may be tied to restructuring efforts or preparations for a strategic deal.
Regulatory baggage adds complexity
Coinone’s situation is further complicated by past controversies. In 2023, the exchange was rocked by a scandal involving an insider accused of accepting bribes in exchange for token listings. In 2024, it also came under investigation by South Korea’s Financial Supervisory Service over alleged price manipulation linked to the Movement token.
These issues have weighed on Coinone’s reputation and may influence both valuation and deal structure as potential investors conduct due diligence.
Why Coinbase is watching Korea
Sources familiar with the matter told the Seoul Economic Daily that Coinbase sees South Korea as a strategically important market, given its large and highly active retail investor base. Coinbase executives are reportedly expected to visit South Korea this week to meet with major local firms, including Coinone.
One source noted that Coinbase is actively seeking partners to develop products that comply with Korea’s strict regulatory framework a key hurdle for foreign crypto exchanges entering the market.
If a deal materializes, Coinbase would follow a path already tested by rivals. In 2025, Binance completed its acquisition of South Korean exchange Gopax after nearly two years of regulatory delays, highlighting both the challenges and long-term appeal of the Korean crypto sector.
For now, talks remain exploratory. But the reported interest signals growing consolidation pressure in Asia’s crypto exchange landscape and rising interest from global players eager to secure regulated footholds in key markets.
