Mirae Asset unit wins approval to buy 92.06% of Korbit for $98 million

Mirae Asset Consulting has won South Korean regulatory approval to acquire a controlling stake in crypto exchange Korbit, in what is described as the first takeover of a domestic won-based digital-asset exchange by an affiliate of a major financial group and the first acquisition of a domestic crypto exchange by a traditional financial institution in the country. The deal covers 92.06% of Korbit for about 133.4 billion won, previously described as roughly $98 million and in the latest report as about $88.5 million. South Korea’s Fair Trade Commission said the transaction would not substantially reduce competition because Korbit accounted for just 0.5% of the country’s crypto trading volume last year and remains a minor player in a market dominated by Upbit and Bithumb. Existing market-share figures cited for South Korea were 69% for Upbit, 28% for Bithumb, 2% for Coinone, 0.5% for Korbit and 0.1% for Gopax. The approval highlights deepening integration between banking, securities and digital-asset services as established financial groups expand into crypto infrastructure.