South Korea’s Mirae Asset completes acquisition of crypto exchange Korbit

Mirae Asset has completed its takeover of South Korean cryptocurrency exchange Korbit after securing regulatory approval, paving the way to raise its ownership stake to more than 97%. Summary Mirae Asset has completed its acquisition of Korbit and plans to raise its ownership stake to more than 97%. Korbit said its services, customer assets, and personal data handling will remain unchanged following the ownership change. The deal adds to a wave of investments by financial firms and global crypto companies in South Korea’s regulated digital asset market. According to an announcement from Korbit, Mirae Asset Consulting, an affiliate of Mirae Asset Financial Group, has become the exchange’s largest shareholder after completing the required regulatory reporting process for its acquisition of a controlling stake. A revised regulatory filing submitted by Mirae Asset on Tuesday showed the firm also plans to acquire an additional 7.35 million Korbit shares worth about 7.2 billion won ($5.32 million), according to the Korea Herald. Once the purchase is completed, Mirae Asset’s ownership will increase from 92.06% to 97.15%. Yonhap News Agency reported that the additional transaction is sched...