OKX Founder Says Coinone Partnership Will Help Build Trust With South Korean Regulators

Star Xu, founder and chairman of global cryptocurrency exchange OKX, said the company aims to expand in South Korea through its partnership with Coinone.

At a press briefing at Coinone’s office in Seoul’s Yeouido district on June 4, Xu said the focus of talks with Coinone is on developing better products and improving customer protection. Building a system that regulators can trust is also a key goal of the partnership, he added.

OKX previously acquired a 20% stake in Coinone, making it the exchange’s third-largest shareholder.

Through Coinone, OKX plans to broaden its reach with Korean customers. Xu said OKX has built up technology and operational expertise over 13 years in the digital-asset industry and will apply that experience in South Korea to support Coinone’s growth.

Xu highlighted trading-system stability and security technology as OKX’s strengths. During sharp market volatility in October last year, many global exchanges experienced system disruptions, but OKX maintained stable service, he said. The company has also strengthened protection for customer assets through an AI-based fraud-detection system, proprietary custody technology and key-management systems.

Xu said he believes Chief Executive Officer Cha Myung-hoon and the Coinone team will lead the company into a new stage. He added that he hopes the partnership will deliver value to Korean users through better products and services.