Mirae Asset Financial Group Set to Acquire Korbit, Korea’s Oldest Cryptocurrency Exchange, Amid Market Shake-Up

Mirae Asset Financial Group Set to Shake Up Korea’s Crypto Market with Korbit Acquisition

Seoul, South Korea — In a bold move that could reshape the landscape of South Korea’s cryptocurrency market, Mirae Asset Financial Group is reportedly in talks to acquire Korbit, the nation’s oldest cryptocurrency exchange. This development, confirmed by industry officials on Thursday, signals a potential shift in a market long dominated by giants Upbit and Bithumb.

Currently, Upbit holds a commanding 63-65% of the market share, while Bithumb follows with approximately 30-31%. Other players like Coinone, Korbit, and Gopax trail significantly, with Korbit capturing less than 1% of the market. Despite its small share, Korbit boasts a daily trading volume of about 9.4 billion won, a stark contrast to Upbit’s impressive 1 trillion won.

Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, is negotiating to acquire stakes from Korbit’s largest shareholder, NXC, which owns 60.5%, and second-largest shareholder SK Planet, holding 31.5%. Market analysts estimate the acquisition could be valued between 100 billion won ($69 million) and 140 billion won.

Industry insiders suggest that Mirae Asset’s interest in Korbit is less about immediate profits and more about securing a foothold in the evolving crypto infrastructure. With financial authorities expected to permit corporate crypto investments by 2026, Korbit is positioning itself as an institution-friendly exchange, particularly through its corporate-focused service, Korbit Biz.

“A gain of even 5% in Korbit’s market share could significantly disrupt the existing market structure,” noted a crypto industry official. The anticipated acquisition could create synergies between Mirae Asset’s financial strength and Korbit’s stable trading system, which is supported by real-name bank accounts with Shinhan Bank.

However, the path to acquisition may not be smooth. Just days before the announcement, Korbit faced a significant setback, receiving an institutional warning and a fine of 2.73 billion won for violations of anti-money laundering regulations. This sanction from the Financial Intelligence Unit poses potential licensing and reputational risks that could complicate Mirae Asset’s plans.

“Mirae Asset will need to consider the substantial time and costs required to strengthen Korbit’s internal controls and anti-money laundering framework,” cautioned another industry expert.

While the Upbit-Bithumb duopoly remains firmly entrenched, an aggressive push by Korbit toward a double-digit market share could pave the way for a more competitive three-player landscape. As the domestic crypto market braces for change, all eyes will be on Mirae Asset and its strategic maneuvers in the coming months.