An affiliate of one of South Korea's largest financial groups, Mirae Asset Consulting, has successfully completed its acquisition of a controlling interest in the domestic cryptocurrency exchange Korbit. This transaction, having cleared all regulatory hurdles, positions Mirae Asset Consulting as the exchange's new largest shareholder.

In a formal announcement published on its website on Thursday, Korbit confirmed that its operations will proceed as normal. The exchange assured its customers that there will be no interruptions to trading, deposits, or withdrawals.

Korbit also emphasized that its operating entity will remain the same. Furthermore, the exchange highlighted that client assets will continue to be securely segregated, adhering to the requirements stipulated by South Korea’s Virtual Asset User Protection Act.

The groundwork for this acquisition was established in February when Mirae Asset Consulting initially agreed to the purchase. The deal was structured for the acquisition of a 92.06% stake in Korbit at a cost of 133.48 billion won, which is approximately $91 million. This strategic move is part of Mirae Asset's plan to expand its footprint into the digital asset industry. The transaction's closing was dependent on the completion of all necessary regulatory procedures.

Korbit is one of only five cryptocurrency platforms in South Korea that are authorized to offer won-based trading. In the country, crypto exchanges are required to secure partnerships with local banks to enable fiat on-ramps and off-ramps for their customers. South Korea is recognized as one of the globe's most active retail crypto markets, with exchanges in the region typically generating a large part of their revenue from trading fees.