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Mirae Asset's Korbit takeover bid signals shake-up in Korea's crypto market
Headquarters of Mirae Asset Financial Group in Seoul / Courtesy of Mirae Asset Financial Group
By Jun Ji-hye
The domestic crypto market is poised for a major shake-up this year as Mirae Asset Financial Group, a heavyweight in Korea’s financial investment sector, moves to acquire Korbit, the nation’s oldest cryptocurrency exchange, industry officials said Thursday.
Korea’s cryptocurrency exchange industry is currently dominated by Upbit and Bithumb, followed by Coinone, Korbit and Gopax. Upbit controls about 63 percent to 65 percent of the market, while Bithumb holds about 30 percent to 31 percent, giving the two platforms overwhelming dominance. Coinone’s share stands at around 5 percent, with Korbit and Gopax each accounting for less than 1 percent.
The market, long seen as resistant to disruption, is now showing signs of change, with Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, in talks to acquire stakes in Korbit held by its largest shareholder, NXC, which owns 60.5 percent, and second-largest shareholder SK Planet, with 31.5 percent.
Market watchers estimate the deal could be valued at between 100 billion won ($69 million) and 140 billion won.
Mirae Asset’s interest in Korbit is widely seen as being driven less by near-term fee income than by a strategy to secure crypto-related infrastructure over the medium to long term.
Korbit’s market share remains below 1 percent, with daily trading volume of about 9.4 billion won, ranking fourth among domestic exchanges. The gap with leading platforms is stark, as Upbit records around 1 trillion won in daily turnover, while Bithumb posts roughly 430 billion won and Coinone posts 170 billion won.
Still, observers note that Korbit operates a relatively stable trading system backed by real-name bank accounts with Shinhan Bank. Combined with Mirae Asset Securities’ capital strength and asset management expertise, the acquisition could generate medium- to long-term synergy capable of reshaping the competitive landscape.
With financial authorities expected to allow corporate crypto investment in the first half of 2026, Korbit is also positioned to strengthen its standing as an institution-friendly exchange. Through its corporate-focused service, Korbit Biz, the platform is expected to expand business-to-business offerings.
“A gain of even 5 percent in Korbit’s market share could significantly disrupt the existing market structure,” a crypto industry official said. “Unless the overall crypto market expands dramatically, competition among exchanges is likely to intensify into a zero-sum battle over limited liquidity.”
While the Upbit-Bithumb duopoly is unlikely to unravel in the near future, an aggressive push by Korbit toward a double-digit market share could eventually pave the way for a three-player competitive landscape.
However, Korbit was issued an institutional warning and fined 2.73 billion won on Wednesday after financial authorities uncovered widespread violations of anti-money laundering obligations, a development that could complicate Mirae Asset’s acquisition plan.
The sanctions imposed by the Financial Intelligence Unit, which operates under the Financial Services Commission, could translate into licensing and reputational risks, potentially becoming a burden during the review process.
“Mirae Asset will also need to consider the substantial time and costs required to strengthen Korbit’s internal controls and anti-money laundering framework,” another crypto industry official said.