Coinone, South Korea's third-largest cryptocurrency exchange, has denied being in talks with Coinbase regarding a potential sale of its stake, calling the claims "baseless." Earlier reports suggested that Coinone was planning to sell its major shareholder's stake and was in talks with overseas cryptocurrency exchanges regarding potential investments. Despite Coinone's public denial, shares of its second-largest shareholder, Com2uS Holdings, rose by approximately 17% on Monday, demonstrating the market's high sensitivity to merger and acquisition news. Furthermore, South Korea's Financial Services Commission recently recommended setting the shareholding cap for major shareholders of cryptocurrency exchanges at 15% to 20%. Currently, Cha Myung-hoon holds approximately 53.44% of Coinone's shares; if the relevant regulations are formally implemented, he may be forced to reduce his shareholding.