Key Insights
- The acquisition of Korbit by Mirae Asset Group is an attempt to purchase a fully regulated Korean cryptocurrency exchange.
- Mirae Asset Group is in the process of purchasing Korbit, a fully licensed Korean cryptocurrency exchange.
- Korbit has a minor market share, but its license and banking connections have value.
Korbit Acquisition Discussion with Mirae Asset Group Marks a Strategic Move in South Korea’s Licensed Crypto Market
The Mirae Asset Group Korbit acquisition discussions have brought renewed attention to South Korea’s tightly regulated cryptocurrency exchange sector, as one of the country’s largest financial groups explores the purchase of a fully licensed onshore trading venue.
According to a report published Sunday by The Chosun Daily, Mirae Asset Group is in talks to acquire Korbit, South Korea’s fourth-largest cryptocurrency exchange, in a transaction valued between 100 billion and 140 billion Korean won, or roughly $70 million to $100 million.
Ownership, Organization, and Valuation Information
Korbit is also majority-owned by NXC, the holding company of game publisher Nexon and its subsidiary company Simple Capital Futures. A combination of those entities holds nearly 60.5 percent of the shares in Korbit.
SK Square owns an additional 31.5% stake, with the exchange being concentrated in the hands of a few institutional shareholders.
The reported valuation range of $0 billion to $140 billion was significantly below the market value of the dominant exchanges in South Korea, indicating its low participation in domestic trading.
Korbitt, however, has a complete operating license and well-developed compliance systems, which are very rare resources in the South Korean regulatory community.
Acquiring such infrastructure is often considered more feasible than applying for a new license, given the Financial Services Commission’s strict requirements for banking partnerships, customer asset segregation, and ongoing supervision.
Regulatory Issues in the Mirae Asset Group Korbit Takeover.
The structure of the deal, as facilitated by Mirae Asset Consulting, is crafted to fit the regulatory environment of South Korea, which distinguishes between traditional financial institutions and direct ownership of cryptocurrency businesses.
In 2017, the South Korean government introduced regulations that limited the direct involvement of financial institutions in cryptocurrency-related activity, causing factions of individuals to use non-financial subsidiaries to acquire exposure to digital assets.
Korbit holds a full operating license under the current banking regulatory regime in South Korea, maintains an existing banking relationship, and has a robust compliance infrastructure in place.
Moreover, strict licensing, security, and reporting rules set by the Financial Services Commission have left the crypto exchange with a limited number of fully functioning exchanges.
Consequently, the process of purchasing an existing licensed exchange is more viable than obtaining a new license, as it involves a thorough review of the regulatory process and liaising with local banks.
Korbit’s Position in the South Korean market
Regardless of its regulatory position, Korbit has a small market share. According to CoinGecko, the aggregate 24-hour trading volume of six Korean exchanges is approximately 1.21 billion.
Additionally, Korbit accounted for approximately $5.75 million of that figure, representing well under 1% of total daily activity. By contrast, Upbit dominated the market with a daily volume of more than $768 million, followed by Bithumb at nearly $298 million and Coinone at around $135 million.
Korbit was a pioneer in the South Korean market, having entered the market in 2013 and presenting what it claimed to be the first Bitcoin-to-won exchange in the country.
Although its market share is marginal, the regulated status of Korbit remains appealing, especially given the limited institutional involvement in the spot trade of crypto due to uncertainties about regulation and licensing availability.
Shareholder Voting and History of Transactions
In the event of the acquisition of Mirae Asset Group by Korbit, the shareholders of both companies will vote on the transaction on May 22, 2026. The share exchange is proposed to occur on June 30, subject to regulatory approvals.
Such approvals are a crucial variable as the Financial Services Commission of South Korea continues to exercise control over the transfer of ownership of licensed crypto exchanges.
According to sources well-informed about the talks, the terms of the transactions, such as pricing and structure, may also change or be revised as regulatory responses and due diligence findings are still being reviewed.
Similar trends in South Korea’s digital economy.
Along with the development of the cryptocurrency market, the digital economy of South Korea has also been challenged. The South Korean-based e-commerce firm, Coupang, which is an American company, has confirmed that it will compensate customers whose information was stolen during a recent data breach.
In a press release on Monday, Coupang stated that the breach involved customer names, email addresses, home addresses, and some order histories, but did not include payment information or login credentials.
Compensation payments of approximately 50,000 won, or $34.87 per person, are scheduled to begin on January 15, 2026, and will be delivered through multiple vouchers covering services such as Coupang Eats, travel products, and marketplace purchases.
Interim CEO Harold Rogers said the company’s leadership acknowledged the impact of the breach and described the compensation plan as a response to public criticism from domestic organizations.
