South Korea’s third-largest crypto exchange, Coinone, is reportedly looking to sell part of its chairman’s stake, with Coinbase named as a potential participant in the early talks.

According to a Seoul Economic Daily report citing a company representative, Coinone plans to explore a sale of Chairman and largest shareholder Cha Myung-hoon’s 53.4% stake, which includes a 19.14% personal stake and over 34% held by his company, The One Group.

“We are discussing partnerships, including equity investments, with overseas exchanges and domestic financial institutions,” the spokesperson was quoted as saying. However, they noted that “nothing specific has been decided yet.”

Coinone has been up for sale since late 2025, according to one industry insider mentioned in the report, who added that the exchange may also be looking to include the stake of its second-largest shareholder, Com2uS, in the deal.

While the company has yet to issue an official statement, the report noted that Coinone continues to face financial pressure, having posted consistent losses over the past few quarters that left it with a book value of about 75.2 billion won ($52.2 million) at the end of the third quarter. According to the report, this is significantly lower than its previous valuation of 94.4 billion won.

Cha, who resigned as the exchange’s CEO, has returned to active management after a four-month absence. Industry insiders speculate the move may be related to preparations for the sale.

Over the years, the exchange has also been marred by several controversies, including a 2023 scandal involving a Coinone insider who accepted bribes in exchange for listing tokens. Meanwhile, in 2024, the exchange was probed by South Korea’s Financial Supervisory Service over suspected price manipulation tied to the Movement token.

Coinbase to make move?

There’s also speculation that United States-based Coinbase may be considering an equity investment in Coinone.

Another unnamed source told the Seoul Economic Daily that Coinbase is interested in the South Korean market due to its large retail base, and executives are expected to visit Korea this week to hold meetings with major domestic companies, including Coinone.

“We are currently seeking partners to develop and respond to products compliant with Korean regulations,” they added.

Coinbase wouldn’t be the first foreign exchange to take an interest in the South Korean market, as last year Binance finalized its acquisition of South Korea’s Gopax exchange after nearly two years of regulatory delays.