Mirae Asset Swallows Korea's Oldest Crypto Exchange, Spits Out Zero Service Changes

Mirae Asset Consulting, an affiliate of South Korea's Mirae Asset Group, has completed its acquisition of a controlling stake in domestic crypto exchange Korbit, becoming the exchange's largest shareholder after clearing regulatory procedures, Korbit said Thursday. The acquirer now holds a 97.15% stake in Korbit, South Korea's first homegrown cryptocurrency exchange, founded in 2013. Mirae Asset Group reported assets under management of $1 trillion as of May. The transaction's price was set in February at 133.48 billion won ($91 million) for a 92.06% stake, with the closing stake now reported at 97.15% following the mandated regulatory reporting procedures.

Korbit said in an announcement published on its website that its operating entity, Korbit Co., Ltd., remains unchanged and that login, trading, deposits and withdrawals will continue without interruption. Customer assets will continue to be held separately from company assets, in line with South Korea's Act on the Protection of Virtual Asset Users, the exchange said. Personal data processing also remains unchanged and requires no action from users.

The deal marks the first time a traditional Korean financial group's affiliate has taken a controlling stake in a domestic crypto exchange. Korbit is one of South Korea's five won-based crypto exchanges, which must secure partnerships with banks to provide fiat on- and off-ramp services. South Korea is among the world's most active retail crypto markets, and exchanges generate much of their revenue from trading fees, even as local volumes have recently contracted as retail investors shifted toward stocks.

Mirae Asset Consulting, the acquiring entity, also oversees the group's hotels and golf course businesses. The acquisition reflects traditional financial players expanding their digital asset footprint by acquiring existing licensed exchanges, a pattern also visible elsewhere in Asia, where Japan's SBI Group agreed to acquire Tokyo-based Bitbank for $289 million and to purchase a majority stake in Singapore-based Coinhako. CoinDesk reached out to both Mirae and Korbit for comment.