Mirae Asset Acquires Korbit Crypto Exchange for $70-100M

The acquisition of Korbit, South Korea’s fourth-largest cryptocurrency exchange, is being executed through Mirae Asset Consulting, a non-financial subsidiary within the Mirae Asset Group corporate structure. This entity has reportedly signed a memorandum of understanding with Korbit’s principal shareholders: NXC, the holding company for gaming giant Nexon, which controls approximately 60.5% of the exchange, and SK Square, the investment arm of SK Group, which owns about 31.5%. The deal, estimated at between 100 billion and 140 billion Korean won ($70-100 million), would see Mirae Asset acquire both major stakes.

The strategic rationale extends far beyond Korbit’s current modest market position. For Mirae Asset, a leading financial conglomerate, the exchange represents a fully licensed and compliant turnkey solution for entering the digital asset space. This aligns directly with the vision articulated by Group Chair Park Hyun-joo, who recently stated it was “time to prepare once again for digital-based financial innovation” and described plans for “a business that connects traditional assets and digital assets.” Proponents view the acquisition as a forward-looking positioning within a sector anticipated to achieve deeper regulatory integration in South Korea.

Despite backing from prominent corporate investors like NXC and SK Square, Korbit commands only a minimal share of South Korea’s vibrant crypto trading activity. Data from CoinGecko reveals that during a recent 24-hour period, Korbit processed just $5.75 million in volume. This represents less than one percent of the country’s total exchange activity, which stood at $1.21 billion. The market is dominated by Upbit, with a 64.2% share and over $768 million in daily transactions, followed by Bithumb at 24.4% ($298 million) and Coinone in third place with approximately $135 million.

Korbit’s primary appeal to Mirae Asset, therefore, lies not in its trading volume but in its established regulatory compliance framework. The exchange holds full operating licenses and has built the necessary compliance infrastructure—a significant hurdle for any new entrant, especially a traditional financial group. In a market where regulatory approval is paramount, Korbit offers a ready-made platform. This acquisition occurs against a backdrop of growing crypto adoption in South Korea, which was recently ranked the 15th-most active nation globally in Chainalysis’s 2025 Global Crypto Adoption Index.

The transaction’s most significant hurdle is South Korea’s regulatory environment, specifically the “financial-virtual asset separation” doctrine implemented in 2017. This rule restricts financial companies from directly operating cryptocurrency businesses. Mirae Asset’s acquisition team contends there is no violation because the deal is being executed through Mirae Asset Consulting, a non-financial entity that does not provide direct financial services.

However, this interpretation faces criticism. Opponents note that Mirae Asset Consulting owns 36.92% of Mirae Asset Global Investments, effectively functioning as the group’s de facto holding company and creating a direct link to its financial operations. The ownership structure of the consulting arm itself—with Chair Park Hyun-joo holding 48.49% and spouse Kim Mi-kyung controlling 10.15%—further centralizes control within the broader financial group. This regulatory tension underscores the delicate balance traditional institutions must strike when entering the digital asset space, where the lines between financial and non-financial activities are often blurred.

The outcome of this regulatory scrutiny will set a crucial precedent for other South Korean financial conglomerates considering similar moves. If successful, Mirae Asset’s acquisition of Korbit could pave the way for further integration between the country’s powerful traditional finance sector and its dynamic crypto market, potentially reshaping the competitive landscape currently led by exchanges like Upbit and Bithumb.