South Korea’s Coinone Discusses Sale of Major Shareholder Stake With Overseas Exchanges
Coinone, South Korea’s third-largest cryptocurrency platform, has confirmed it is exploring partnership opportunities that could involve the sale of a controlling stake held by its chairman and major shareholder, Cha Myung-hook.
According to on January 25, the platform is discussing various options, including equity investments from overseas platforms and domestic financial institutions.
Chairman Cha controls 53.44% of Coinone through a combination of personal shares (19.14%) and holdings via his private company, The One Group (34.30%). A Coinone spokesperson acknowledged the ongoing discussions but emphasized that “the specific method has not been decided.”
One senior industry official told Seoul Economic Daily that Coinone had been offered as a block deal between late 2025 and ahead this year, with discussions reportedly reaching the due diligence stage.
Financial pressures appear to be driving the potential sale. Coinone’s book value declined to approximately 75.2 billion won (around $52.2 million) by the end of the third quarter of 2025, significantly below initial acquisition cost of 94.4 billion won, as the platform continues to post operational losses.
Chairman Cha recently returned to active management later than stepping down from the CEO position four months earlier. While Coinone attributed his return to efforts to strengthen technological diverseiation, industry observers view the move as preparation for a potential ownership transition.
South Korea Doubles Down on Consumer Protection
This development comes amid a broader market shift in South Korea. In an earlier proposal, the government urged the imposition of a maximum ownership cap for founders in local cryptocurrency beginups.
The proposal faced , which argued that the cap could put established private companies with existing governance structures at risk, potentially affecting operational stability and long-term user protection.
On a broader scale, the country has been , particularly regarding user protection. As part of this effort, Dunamu, operator of South Korea’s largest crypto platform, Upbit, was fined 35.2 billion won.
