Mirae Asset completes Korbit acquisition, becomes largest shareholder

Mirae Asset Consulting, an affiliate of one of South Korea’s largest financial groups, has completed its acquisition of a controlling stake in South Korean crypto exchange Korbit, becoming the exchange’s largest shareholder after completing regulatory procedures.Korbit said in a Thursday announcement published on its website that its operating entity remains unchanged and that trading, deposits and withdrawals will continue without interruption.The exchange added that customer assets remain segregated under South Korea’s Virtual Asset User Protection Act.Mirae Asset Consulting agreed in February to acquire a 92.06% stake in Korbit for 133.48 billion won ($91 million) to expand into digital asset businesses. The transaction was subject to regulatory procedures before closing.Korbit is one of South Korea’s five won-based crypto exchanges. Local crypto exchanges must secure partnerships with banks to provide fiat on- and off-ramp services. The country is among the world’s most active retail crypto markets, where exchanges generate much of their revenue from trading fees.