South Korea’s financial giants are increasingly circling licensed crypto exchanges, and Mirae Asset Group is now in talks to acquire Korbit, the country’s fourth-largest cryptocurrency exchange by trading volume.
The deal, valued at roughly 100 billion to 140 billion Korean won ($70 million to $100 million), would be routed through Mirae Asset Consulting, a non-financial affiliate of the group that has reportedly signed a memorandum of understanding with Korbit’s major shareholders.
Korbit’s ownership is primarily divided between NXC, the holding company behind gaming giant Nexon, controlling about 60.5% of shares, and SK Planet, which holds an additional 31.5% following a 90 billion won investment in 2021.
Founded in 2013, Korbit became South Korea’s first cryptocurrency exchange and the world’s first platform offering Bitcoin-to-Korean won trading.
Despite this early advantage, its current domestic trading volume remains marginal.
CoinGecko data shows Korbit accounted for just $10.84 million of the roughly $1.51 billion 24-hour trading activity across six Korean exchanges, representing less than 1% of the market.
By comparison, Upbit dominates with $1.04 billion in daily volume, followed by Bithumb at $415.28 million and Coinone at $47.84 million.
Mirae Asset’s choice to execute the acquisition through its consulting arm appears to be a strategic move to comply with South Korea’s 2017 policy that separates financial companies from crypto operations.
Mirae Asset Consulting, while non-financial, holds 36.92% of Mirae Asset Global Investments and sits atop the conglomerate’s corporate structure, giving it the ability to manage such a transaction while navigating regulatory boundaries.
Though Korbit’s market share is small, the exchange offers a full operating license, banking links, compliance infrastructure, and a ready customer base.
These features make it a valuable point of entry for a major financial group seeking regulated exposure to digital assets.
Analysts note that institutional players in Korea are increasingly targeting licensed platforms, signalling a shift from speculative ventures to regulated infrastructure.
Mirae Asset’s interest comes amid broader consolidation in the South Korean crypto market.
Naver Financial, for example, confirmed plans last month to acquire Dunamu, the operator of market-leading Upbit, through a stock-swap transaction valued at approximately 15.1 trillion won ($10.3 billion).
Under that deal, Naver Financial will issue 87.56 million new shares to Dunamu shareholders, making Dunamu a wholly owned subsidiary, pending regulatory approval.
Reports suggest Bybit also explored acquiring Korbit in recent months, highlighting intense competition for regulated exchange licenses.
For Korbit, a buyer with Mirae Asset’s brand and distribution network could reinvigorate the exchange’s position, even as liquidity remains concentrated in the larger venues.
Coinlive sees Mirae Asset’s move as part of a quiet but determined push by traditional finance into digital assets.
With major players acquiring licensed exchanges, the market is likely to see a consolidation of trust, compliance, and customer networks.
This raises questions about whether the next phase of crypto in Korea will be led by tech-driven innovation or by institutional strategy, and how this will shape access, competition, and the flow of liquidity in the coming years.
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