Naver Financial Postpones Share Exchange with Dunamu
Naver Financial, a key player in the South Korean finance sector, has postponed the integration of its share exchange with Dunamu, the parent company of the popular cryptocurrency exchange Upbit. Newly disclosed information through a filing with the Financial Supervisory Service of South Korea indicates that a shareholder assembly is scheduled to occur on August 18, 2025, which is a crucial step before finalizing the transaction by September 30.
Revised Timeline and Regulatory Challenges
This revised schedule represents a significant delay of close to three months from the originally anticipated completion in late May or early June. Although Naver has not provided explicit reasons for this postponement, the company acknowledged that the completion of the deal hinges on obtaining various regulatory approvals related to changes in ownership and the assessment of business combinations. It also cautioned that the timeline might face additional delays or even potential cancellation depending on the regulatory review process.
“The completion of the deal hinges on obtaining various regulatory approvals… the timeline might face additional delays or even potential cancellation.”
Impact of Upcoming Legislation
Complicating matters further, industry insiders believe the impending Digital Asset Basic Act in South Korea could also influence the transaction. Expected to be enacted in the first half of 2026, this legislation is part of an evolving framework for cryptocurrency regulation in the nation, moving beyond a mere focus on user safety to establish comprehensive guidelines for the digital assets landscape.
Dunamu’s Financial Performance
Amid this backdrop of regulatory challenges, Dunamu has been grappling with declining financial performance. In its recent annual report, the company disclosed a 10% drop in revenue year-over-year, alongside a substantial 26.7% decrease in operating profit and a 27.9% reduction in net profit for its fiscal year 2025. This downturn reflects a broader trend of diminished market activity within the cryptocurrency sector.
Acquisition Plans and Future Developments
Naver Financial initially announced its intention to acquire Dunamu last year, revealing preliminary plans for a share swap that would effectively integrate Upbit under its corporate umbrella. This was later confirmed in November 2025, marking a significant move in the fintech landscape, with the transaction valued at approximately $10.3 billion in stock. Additionally, Naver has plans in motion to introduce a stablecoin wallet service alongside blockchain investment entity Hashed and the Busan digital exchange, with the wallet anticipated to be named “Silk Pocket”.
