According to ChainCatcher, South Korea's third-largest cryptocurrency exchange, Coinone, firmly denied reports of equity sale negotiations with Coinbase, calling the claims "baseless." Earlier, the Seoul Economic Daily reported that Coinone's chairman, Che Myung-hoon, was exploring the sale of a portion of his shares, with Coinbase listed as a potential buyer. Despite the denial, the stock price of Coinone's second-largest shareholder, Com2uS Holdings, surged 17% on Monday, reflecting the market's sensitivity to merger and acquisition speculation. The Financial Services Commission of South Korea has proposed a cap of 15-20% for major shareholders' equity stakes. Che Myung-hoon currently holds 53.44% of Coinone's shares and would be required to reduce his stake if the regulation is implemented.
Coinone Denies Reports of Equity Sale Talks with Coinbase
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Summary
Coinone, South Korea's third-largest cryptocurrency exchange, denied rumors of equity sale discussions with Coinbase, calling the reports baseless. The claims emerged after a local media outlet linked its chairman to potential stake sales. Despite the denial, Com2uS Holdings, Coinone's second-largest shareholder, saw its shares rise 17% on Monday. Recent news about cryptocurrency exchanges highlights regulatory actions by the Korean Financial Services Commission to limit major shareholder equity to 15-20%, which could require a reduction from its current 53.44% stake. The market remains sensitive to M&A speculation.
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