Crypto Exchange Korbit, SKorea’s 4th Biggest Exchange, A Takeover Target For Asset Group

bitcoinistPublished on 2025-12-29Last updated on 2025-12-29

Abstract

Mirae Asset Group is in advanced talks to acquire Korbit, South Korea's fourth-largest cryptocurrency exchange, in a deal valued between $70 million and $100 million. The agreement, negotiated through a non-financial affiliate, would involve purchasing the majority stakes held by NXC (60.5%) and SK Planet (31.5%). Despite its established presence, Korbit holds under 1% market share in a market dominated by Upbit and Bithumb. For Mirae Asset, the acquisition offers a faster entry into the regulated crypto sector, including trading and custody services, while navigating restrictions on direct involvement by financial institutions. The deal is pending regulatory and antitrust reviews. If completed, it could signal growing interest from major financial groups in the crypto exchange space.

According to reports, Mirae Asset Group is in advanced talks to buy Korbit, South Korea’s long-running crypto exchange, in a deal valued at about 100 billion to 140 billion won — roughly $70 million to $100 million.

The memorandum of understanding was reportedly signed through Mirae Asset Consulting, an affiliate outside the group’s regulated financial arm, as part of the preliminary purchase talks.

Mirae Asset Signs MOU With Major Shareholders

Sources say the agreement covers most of the stakes held by NXC and SK Planet, which together control the firm. Korbit’s ownership is reported at about 60.5% for NXC (the Nexon holding company) and 31.5% for SK Planet, with Mirae Asset negotiating to buy those shares.

Korbit’s Position In South Korea’s Market

Korbit is described as the fourth-largest exchange in South Korea, but its trading volume is small compared with the market leaders. Reports put its market share under 1%, while Upbit and Bithumb continue to handle the bulk of local trading.

Why A Big Financial Group Is Interested

Based on reports, Mirae Asset sees two practical advantages: first, buying an existing, licensed operator gives faster access to regulated crypto business lines.

Second, using a non-financial affiliate helps the group navigate rules that restrict direct involvement by banks and insurers in virtual asset trading.

Bitcoin is currently trading at $87,471. Chart: TradingView

Industry observers have flagged that a licensed exchange — even a small one — can be valuable to a large financial house aiming to offer custody or trading services under local rules.

Regulatory Hurdles And Next Steps

Regulators are expected to review any final deal, and no confirmation has been issued by either Mirae Asset or Korbit as of reporting.

Antitrust checks, banking relationship transfers, and compliance reviews would be part of the close if negotiations move forward. Market participants say that until formal filings are made, talks should be treated as preliminary.

If the purchase completes, a major financial player would own a licensed exchange — a move that might encourage other traditional firms to consider similar deals.

For Korbit, new ownership could mean an influx of capital and a push to rebuild competitive footing. For users, the change could bring stronger compliance and perhaps new product offerings, but it would be unlikely to shift the overall market share picture quickly given the dominance of the top two exchanges.

Featured image from Unsplash, chart from TradingView

Related Questions

QWhich company is in advanced talks to acquire Korbit, and what is the estimated deal value?

AMirae Asset Group is in advanced talks to acquire Korbit in a deal valued at about 100 billion to 140 billion won, roughly $70 million to $100 million.

QWho are the major shareholders of Korbit, and what percentage of the company do they control?

ANXC (the Nexon holding company) controls about 60.5% of Korbit, and SK Planet controls about 31.5%.

QWhat is Korbit's rank in the South Korean crypto exchange market, and what is its approximate market share?

AKorbit is the fourth-largest crypto exchange in South Korea, with a reported market share of under 1%.

QWhat are the two practical advantages for Mirae Asset in acquiring Korbit, as mentioned in the report?

AFirst, buying an existing, licensed operator gives faster access to regulated crypto business lines. Second, using a non-financial affiliate helps the group navigate rules that restrict direct involvement by banks and insurers in virtual asset trading.

QWhat are some of the regulatory and procedural steps that would need to be completed if the negotiations move forward?

AAntitrust checks, banking relationship transfers, and compliance reviews would be part of the process. The deal would also need to be reviewed by regulators.

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