Mirae Asset Group is negotiating the purchase of South Korean crypto exchange Korbit. The potential deal is valued between 100 and 140 billion won, equivalent to approximately 70 to 100 million US dollars, with negotiations led by Mirae Asset Consulting — one of the group's non-financial entities.
Details of the Deal Between Mirae Asset Group and Korbit
The deal is being discussed at the level of a memorandum of understanding between Mirae Asset Consulting and Korbit's main shareholders. Reports indicate that Mirae Asset Consulting is leading the acquisition initiative, meaning the group's subsidiary, rather than its central investment division, is involved.
The valuation ranges from 100 to 140 billion won, and according to reports, the parties have already exchanged key agreements within the memorandum framework. The memorandum references the exchange's main shareholders, which is a crucial element for concluding the negotiations.
Ownership Structure of Korbit
Korbit is largely controlled by two entities: NXC and its subsidiary Simple Capital Futures, which together own approximately 60.5% of the shares. Additionally, SK Square holds 31.5%, forming the majority of the exchange's shareholder structure.
At the same time, Korbit possesses a full operating license and corresponding regulatory infrastructure, making the exchange attractive to large financial groups seeking access to a regulated digital asset ecosystem.
Korbit's Market Position in South Korea
By trading volume, Korbit holds a small share: its daily volume accounts for less than 1% of the total trading flow across the six largest South Korean exchanges. Collectively, these platforms record roughly $1.21 billion in daily volume, with Korbit's contribution measured in millions of dollars, remaining marginal compared to the market leaders.
The market leader is Upbit, with over $768 million daily volume, followed by Bithumb and Coinone, which have significantly larger volumes than Korbit. This concentration explains why a licensed but smaller platform might be attractive to a major financial group.
Other Significant Deals in the South Korean Crypto Market
Large transactions are already taking place in the Korean market: Naver Financial plans to acquire Upbit's operator, Dunamu, in a deal valued at about 15.1 trillion won, highlighting the interest of major players in the local digital asset ecosystem. This exemplifies how large financial and tech companies enter the crypto sector by acquiring exchange operators and related services.
Such major deals and the presence of licenses among acquisition targets explain why Mirae Asset Group might view Korbit as a potential route to regulated access to the digital asset market.
Why This Matters
For miners in Russia, a potential change of Korbit's ownership is unlikely to affect mining conditions: equipment, electricity tariffs, and technical parameters of mining farms will remain subject to your local conditions. However, the acquisition of a licensed exchange by a large financial group could impact service availability, related products, and local user loyalty, indirectly influencing demand and liquidity on local platforms.
If you follow the market, pay attention to the regulatory aspect: a licensed exchange managed by a major group may start offering new products or collaborate with payment providers, which over time affects market infrastructure and withdrawal options.
What to Do?
If you operate from one to a thousand miners, it’s useful to follow a simple plan: monitor news about the deal’s completion and any changes in the exchange’s operating conditions, maintain a backup withdrawal strategy, and check for changes in verification requirements and deposit procedures.
- Regularly check official announcements from Korbit and Mirae Asset Consulting regarding the deal status and rule changes.
- Have a backup withdrawal plan across multiple platforms in case of changes in pair availability or KYC/AML procedures.
- Assess the liquidity of your chosen platform before large transactions: Korbit’s volumes are below 1% of the market, which is important to consider when trading or withdrawing large sums.
For additional context on market regulation, you can review articles on the Digital Financial Security Act and on South Koreans purchasing foreign crypto assets, which provide insight into the broader market picture and major transactions.