South Korean crypto exchange Korbit said Mirae Asset Consulting, part of Mirae Asset Group, which oversees more than $1 trillion in assets under management, has become its largest shareholder after completing the required regulatory process, placing the country’s first virtual asset exchange under the control of one of its largest financial groups.
Korbit announced the ownership change on Thursday, explaining that the move would not affect the company operating the exchange, user asset custody arrangements, or personal information handling. It completes a transaction Mirae Asset Consulting first disclosed in February. The exchange said users can continue accessing their accounts, trading assets, and using deposits and withdrawals without interruption.
Korbit’s Operations Remain Unchanged
Korbit Co., Ltd. will continue operating the exchange following the ownership change, with existing services and user access remaining available as before. The exchange also confirmed that user deposits and virtual assets will continue to be separated from company assets in accordance with South Korea’s Act on the Protection of Virtual Asset Users.
Korbit added that the ownership change would not alter how it processes personal information. The purpose and scope of personal data handling will remain the same, and users do not need to provide additional consent or take any action. Korbit said Mirae Asset Group’s experience in traditional finance could help strengthen the exchange as it works to expand the connection between digital assets and traditional financial markets, and it expects users to continue monitoring its development under the group’s ownership.
The exchange launched in 2013 as South Korea’s first virtual asset trading platform and now ranks fourth by volume among the five licensed venues offering won-denominated trading. That licensed group sits at the center of an unresolved debate over exchange ownership, with lawmakers weighing proposals that would limit single shareholders from holding excessive stakes. The Digital Asset Exchange Alliance (DAXA) has argued that strict ownership restrictions could discourage investment and reduce the competitiveness of local platforms.
Mirae Asset Completes Korbit Acquisition
Mirae Asset Consulting acquired approximately 26.9 million shares for 133.5 billion won, or roughly $91 million, giving it a 92.06% stake. The transaction involved shares previously held by NXC, the holding company behind Nexon, as well as affiliates linked to SK Group. The firm expanded that position days before the announcement, filing a revised disclosure on July 21 to buy an additional 1.59 million Korbit shares for 7.89 billion won. The purchase lifts its planned holding to 97.15% and raises the total investment to 141.4 billion won.
South Korea’s Fair Trade Commission approved the transaction on July 9, allowing a subsidiary of a major domestic financial group to take control of a licensed virtual asset exchange for the first time. The regulator’s decision considered Korbit’s relatively small market share, with the exchange accounting for around 0.5% of South Korea’s virtual asset trading volume. Mirae Asset Financial Group founder Park Hyeon-joo told employees the exchange will relaunch under the name Digital X, describing the platform as a central pillar of the group’s Mirae Asset 3.0 strategy covering tokenized real-world assets, security tokens and stablecoins.