South Korea's Mirae Asset Financial Group has completed the acquisition of domestic cryptocurrency exchange Korbit, solidifying a landmark union between traditional finance and digital asset infrastructure in one of the world's most active retail crypto markets.
In a Thursday announcement, Korbit confirmed that Mirae Asset Consulting, an affiliate of Mirae Asset, has become the exchange's largest shareholder after fulfilling all necessary regulatory steps. The acquisition initially grants Mirae Asset a controlling stake of 92.06%, but a revised regulatory filing submitted on Tuesday outlines plans to purchase an additional $5.32 million worth of shares, taking the group's ownership to 97.15%. Yonhap News Agency reported that the additional share purchase is expected to close on Friday.
Korbit assured users that the exchange's operating entity, user deposits, and personal data handling will remain unchanged despite the ownership shift. The deal received approval earlier this month from the Fair Trade Commission, South Korea's antitrust watchdog, which described it as the first case of a traditional financial group's affiliate acquiring a crypto exchange in the country.
Mirae Asset Consulting stated that the purpose behind the acquisition is to "secure future growth momentum based on digital assets," signaling a deep strategic commitment to the crypto sector. The move aligns with the group's broader exploration of digital assets across international markets, including reported interest in Hong Kong's retail crypto landscape.
According to CoinGecko data, Korbit ranks as South Korea's fourth-largest crypto exchange by trading volume, with approximately $4.3 million recorded in the past 24 hours. The market remains dominated by Upbit, which saw around $224.2 million over the same period. Despite its smaller size, Korbit's new ownership by a financial heavyweight like Mirae Asset could reshape competition and accelerate institutional participation in the country's crypto economy.
