I’m following the developments regarding Naver Financial and Dunamu, the company behind the crypto exchange Upbit. It seems they’ve put a hold on their planned share swap. We were expecting this deal to move forward, but it’s been delayed for now.
Summary
- Naver Financial has delayed its share swap with Dunamu by nearly three months, with a shareholder vote set for Aug. 18 and completion now expected on Sept. 30.
- The deal remains subject to regulatory approvals and could face further delays or cancellation, with South Korea’s Digital Asset Basic Act also likely to influence the timeline.
Naver announced it will ask shareholders to approve a deal on August 18th, and plans to finalize it by September 30th, according to a filing with the country’s financial regulator.
The agreement is now expected to close almost three months later than initially planned, pushing the date from late May or early June.
Deals outcome subject to external factors
The company didn’t say why the deal is taking longer, but confirmed it still needs approval from several regulators due to changes in ownership and a review of the business combination. They also warned that the deal could be delayed further or even canceled, depending on how the approval process goes.
A new South Korean law about digital assets, expected to take effect in early 2026, could also affect this agreement.
This new law is the next step in establishing clear rules for cryptocurrencies in the country. It goes beyond simply protecting users and will create a comprehensive set of regulations for the entire digital asset industry.
Recently, Dunamu’s financial results have declined, with both revenue and profits decreasing in 2025 due to a slowdown in the overall cryptocurrency market.
According to the company’s latest annual report, revenue decreased by 10% compared to last year. Operating profit dropped by 26.7%, and net profit fell by 27.9%.
Last year, Naver Financial announced its intention to buy Dunamu, the company behind the popular cryptocurrency exchange Upbit. Reports suggested they planned to do this through a share exchange. The deal was officially confirmed in November, valued at approximately $10.3 billion in stock.
The company revealed plans for a new stablecoin wallet service around this time, partnering with Hashed, a blockchain investment firm, and the Busan digital exchange. As crypto.news previously reported, the wallet will be called “Silk Pocket.”
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2026-03-30 15:20