TL;DR
- Mirae Asset will buy 92% of Korbit for $93 million in cash, acquire the stakes held by Nexon and SK Planet, and integrate it as a financial subsidiary.
- The regulator is preparing new rules after a Bithumb incident, including real-time reconciliations, external audits, and liability for technical failures.
- Banks are reviewing contracts with exchanges and Upbit’s volume fell from $10 billion to $755 million while the local stock market hits record highs.
Mirae Asset Group agreed to acquire 92% of the Korbit exchange for about $93 million through a cash payment. The board approved the transaction on February 5 and closing will be completed within seven business days once the final conditions are met. Mirae Asset Group manages approximately $418 billion in assets.
The acquisition includes a 61% stake held by Nexon and a 31.5% stake owned by SK Planet. The company will use its subsidiary Mirae Asset Consulting to complete the transaction. Korbit, the country’s oldest exchange, controls roughly 1% market share, far below Upbit, which holds between 60% and 70%.
Mirae Asset Seeks New Growth Drivers
Mirae said it aims to secure new growth drivers in digital asset businesses and expand institutional and retail reach through its client networks. The transaction will turn the exchange into a subsidiary of a traditional financial institution.
The deal was finalized as authorities intensify supervision of crypto platforms following an operational error on Bithumb that caused major disruption in the Bitcoin market and multi-million-dollar losses. The country’s financial regulator identified deficiencies in internal controls and is preparing the second phase of digital asset legislation.
Stricter Regulations and New Agreements
The framework under preparation includes real-time reconciliation between reserves and balances, mandatory periodic third-party audits, and liability for damages resulting from computer system failures, along with operational standards aligned with the traditional financial system.
Local banks are also reviewing their relationships with exchanges. Kakao Bank is evaluating its agreement with Coinone and Bithumb and will review the annual renewal in the third quarter. KBank will decide whether to extend its contract with Upbit when it expires in October. Kookmin Bank requested improvements in Bithumb’s internal controls.
Meanwhile, the Korea Exchange stock index reached record highs and Upbit’s daily volume fell from about $10 billion to around $755 million. President Lee Jae-myung said strengthening the domestic stock market is a priority within national economic policy
