South Korea’s Fair Trade Commission (KFTC) has approved the first takeover of a won-based cryptocurrency exchange by a subsidiary of a major financial group. Mirae Asset Consulting will acquire a 92.06% stake in Korbit for 133.5 billion won, approximately $88.8 million. The deal marks a significant step toward integrating traditional finance with digital asset services in the country.
Korbit is one of South Korea’s five licensed won-denominated crypto exchanges but held only 0.5% of national trading volume last year. Upbit dominates with about 69% of the market, while Bithumb accounts for roughly 28%. The KFTC ruled that Korbit’s minimal scale means the acquisition will not harm competition. A commission official stated that Korbit’s liquidity is ‘insufficient to cause anticompetitive effects.’
Mirae Asset navigated regulatory restrictions by routing the purchase through Mirae Asset Consulting, a non-financial subsidiary with revenue from hotel operations, preserving the separation between banking and digital assets under Korean law. Sellers include NXC (holding company of Nexon) and SK Square. Bitstamp, owned by Robinhood, retains the remaining stake. Mirae Asset plans to use Korbit as a base for custody, stablecoins, real-world asset tokenization, digital payments, and possibly crypto-based ETFs. The firm stated the acquisition reflects its push to ‘blur the lines between traditional and digital assets’ and build a global investment platform. The precedent may accelerate similar deals, as the third-largest exchange Coinone is already seeking a buyer.
