Naver Financial Pushes Back Dunamu Share Swap Again

The exchange ratio remains locked at 2.5422618 Naver Financial shares for each Dunamu share, though the transaction faces significant procedural bottlenecks. According to a regulatory filing, the deal requires clearance from the Fair Trade Commission and compliance with the Credit Information Act and the Act on Reporting and Use of Specific Financial Transaction Information. Dunamu warned that these ongoing approval processes could trigger further delays or even collapse the merger entirely.

Legislative pressure further complicates the timeline. The proposed Digital Asset Basic Act remains a wild card, as potential restrictions on major shareholders of virtual asset exchanges could force structural changes to the acquisition. This administrative friction follows an April intervention by the Financial Supervisory Service, which ordered Dunamu to revise disclosures after identifying missing information regarding corporate restructuring plans. Despite these challenges, the companies maintain their intent to integrate the operator of Upbit into Naver Financial’s ecosystem, including collaborative projects like the Silk Pocket stablecoin wallet.