South Korean cryptocurrency exchange Coinone has denied reports of talks to sell a stake in Coinbase.

Coinone, South Korea's third-largest cryptocurrency exchange, has denied reports that it is in talks to sell a stake in Coinbase, calling the rumors "baseless." This comes after local media reported that Coinone Chairman Cha Myung-hoon was considering selling some of his shares, and that Coinbase executives would visit South Korea this week to meet with major local platforms, including Coinone. Despite the denial, the market reacted strongly. Shares of Coinone's second-largest shareholder, Com2uS Holdings, surged by over 17% after the rumors surfaced.