Coinone Denies Coinbase Stake Sale Talks Amid Korea Crypto Consolidation

Coinone, South Korea’s third-largest cryptocurrency exchange, has firmly denied market reports claiming it is in talks to sell a stake to US-based crypto giant Coinbase, cooling speculation about a renewed foreign push into Korea’s tightly regulated digital asset market. The denial highlights the persistent challenges global crypto exchanges face when attempting to enter one of the world’s most liquid yet highly restricted crypto ecosystems.

The controversy began after a local report suggested Coinone Chairman Cha Myung-hoon was considering selling part of his stake, with Coinbase named as a potential investor. The report also claimed Coinbase executives were planning visits to Korea to meet major industry players. Coinone quickly dismissed these claims, stating that rumors of a stake sale were “completely groundless” and not aligned with reality. The exchange acknowledged it regularly receives partnership proposals from overseas exchanges and domestic companies but emphasized that such discussions are part of routine business expansion reviews, not ownership negotiations.

Despite the denial, the market reacted strongly. Shares of Com2uS Holdings, Coinone’s second-largest shareholder with a 38.42% stake, surged more than 17%, reflecting investor sensitivity to consolidation rumors in Korea’s crypto sector. The reaction underscores how Korean cryptocurrency exchanges are increasingly viewed as acquisition targets amid a wave of mergers and restructuring.

Regulatory uncertainty also played a role in fueling speculation. South Korea’s Financial Services Commission has proposed limiting major shareholder stakes in crypto exchanges to between 15% and 20% under forthcoming virtual asset legislation, citing governance and user protection concerns. Although this proposal was excluded from the latest legislative push, analysts believe it could return, especially given Coinone’s concentrated ownership structure.

The broader industry context adds weight to the rumors. Korea’s crypto market is undergoing rapid consolidation, with major deals involving Upbit, Bithumb, Korbit, Gopax, and global players like Binance. While Coinone officially holds a smaller market share, private estimates suggest its influence may be growing.

For Coinbase, a partnership with a Korean exchange would offer regulatory access to one of the world’s most active retail crypto markets. However, Coinone’s clear denial indicates that, for now, such ambitions remain speculative rather than imminent.