South Korean Banks and Tech Giants Buy Major Stakes in Domestic Crypto Exchanges

Trading volume on South Korean crypto exchanges has collapsed to about one‑tenth of local stock market turnover, prompting a wave of equity purchases by the country’s largest banks and conglomerates. Hana Bank plans to acquire a 6.55% stake in Dunamu, the operator of Upbit, for roughly $665 million, while Samsung Securities, Samsung SDS and Samsung Card are together targeting a 4% slice of the same company. Hanwha Investment & Securities eyes an additional 3.9% stake. Mirae Asset Consulting is set to purchase a 92.06% controlling interest in Korbit for about $88.5 million, and Korea Investment Securities and foreign OKX Ventures each intend to take roughly 20% of Coinone.

The acquisitions align with Seoul’s push to institutionalise a Korean‑won‑backed stablecoin, creating a regulatory runway that favours established financial firms. Ownership of licensed exchanges gives banks direct access to compliance processes, fee flows and data, positioning them as infrastructure providers for future on‑chain settlement of fiat currency. However, the deals carry risk: Dunamu’s implied valuation exceeds $10 billion despite depressed trading income, and the stablecoin framework lacks final legislation, leaving investors exposed to possible regulatory changes.