Korbit, South Korea's first homegrown cryptocurrency exchange founded in 2013, has been acquired by an affiliate of Mirae Asset Group, a traditional financial conglomerate with approximately $1 trillion in assets under management as of May.

Korbit is one of South Korea's "Big Four" cryptocurrency exchanges, alongside Upbit, Bithumb, and Coinone, though it has long held the smallest market share among them. Its acquisition by one of Asia's largest asset management groups signals a potential shift in the competitive dynamics of a market where a single exchange — Upbit, operated by Dunamu — has historically dominated by a wide margin.

The exchange announced Thursday that Mirae Asset Consulting, an affiliate of Mirae Asset Group, has acquired Korbit's shares through mandated regulatory reporting procedures, making it the largest shareholder. The affiliate, which also oversees the group's hotels and golf course operations, now reportedly holds a 97.15% stake in Korbit.

The announcement clarified that there will be no structural changes to Korbit Co., Ltd., the corporate entity that operates the exchange.

No Impact on Users

For Korbit's customers, the acquisition brings no immediate disruption. The exchange confirmed that all services — including login, trading, deposits, and withdrawals — will continue without interruption. User deposits and virtual assets will remain segregated from company assets, in compliance with South Korea's Act on the Protection of Virtual Asset Users, the country's first comprehensive digital asset legislation that took effect in July 2024 and established strict custodial and investor protection requirements. Personal data processing policies also remain unchanged, requiring no action from users.

Broader Trend of Traditional Finance Entering Crypto

The acquisition underscores a growing trend of traditional financial institutions acquiring existing crypto market participants to expand their digital asset footprints. In South Korea, where retail cryptocurrency trading volumes frequently rival those of the national stock exchanges, ownership of a licensed exchange represents a significant strategic asset — particularly as the stabilized regulatory framework has raised compliance costs, making incumbent operators with established banking partnerships and regulatory clearances increasingly valuable.

A parallel movement is underway elsewhere in Asia. SBI Group, the Japanese financial conglomerate, has agreed to acquire Tokyo-based crypto exchange Bitbank for $289 million and to purchase a majority stake in Singapore-based Coinhako.

CoinDesk reported that it reached out to both Mirae Asset and Korbit for further comment.

Source: CoinDesk | CryptoNews.net