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 <a href="https://www.korbit.co.kr/notice/detail/?noticeId=4I2XTU3WIlGniG3mdcSuaF" rel="noopener noreferrer nofollow">said</a> in a Thursday announcement published on its website that its operating entity remains unchanged and that trading, deposits and withdrawals will continue without interruption.&nbsp;The exchange added that customer assets remain segregated under South Korea’s Virtual Asset User Protection Act.Mirae Asset Consulting agreed in February <a href="https://cointelegraph.com/news/mirae-asset-buy-92-percent-korbit-korea-crypto-exchange" rel="noopener noreferrer nofollow">to acquire a 92.06% stake in Korbit</a> 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.Related: <a href="https://cointelegraph.com/news/south-korea-crypto-volume-decline-kospi-retail-stocks" rel="noopener noreferrer nofollow">South Korea crypto volumes shrink as retail investors shift to stocks</a>

Mirae Asset completes Korbit acquisition, becomes largest shareholder

Cointelegraph

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