Coinone denies rumors of equity trading with Coinbase, calling them "baseless."

South Korea's third-largest cryptocurrency exchange, Coinone, firmly denied reports of negotiations with Coinbase for a stake sale, calling them "baseless." Previously, the Seoul Economic Daily reported that Coinone's chairman, Cha Myung-hoon, was exploring a partial stake sale, with Coinbase listed as a potential buyer. Despite the denial, Coinone's second-largest shareholder, Com2uS Holdings, saw its stock price soar 17% on Monday, reflecting the market's sensitivity to mergers and acquisitions.

The Financial Services Commission of South Korea has suggested setting a cap on major shareholders' stakes at 15-20%. Cha Myung-hoon currently holds a 53.44% stake, and if the regulation takes effect, he will be forced to reduce his holdings.