Naver Financial has pushed back its planned share swap with Upbit operator Dunamu, citing ongoing regulatory uncertainty.
In a filing with South Korea’s Financial Supervisory Service, Naver said it will hold a shareholder vote on Aug. 18 and now expects to complete the transaction on Sept. 30. That timetable represents a delay of almost three months from earlier target dates in late May or early June. Naver did not give a specific reason for the delay, but said the deal remains contingent on several regulatory approvals related to major shareholding changes and a business combination review. It warned the transaction could face further delays or even be canceled depending on how the approval process unfolds.
Regulatory developments loom large. Lawmakers are advancing the Digital Asset Basic Act — the second phase of South Korea’s crypto framework — which is slated for implementation in the first half of 2026 and would establish a broader rulebook for the digital-assets sector beyond current user-protection rules. That shifting regulatory landscape could complicate large-scale crypto-related mergers and acquisitions.
The postponement comes as Dunamu’s business shows signs of strain: the company reported softer 2025 results, with revenue down 10% year-on-year, operating profit falling 26.7%, and net profit sliding 27.9% as crypto market activity cooled.
Naver Financial first revealed plans to acquire Dunamu last year, and the tie-up was confirmed in November as an all-stock deal valued at roughly $10.3 billion. The move promised to fold South Korea’s largest crypto exchange operator, Upbit, into Naver’s broader fintech ecosystem. Naver has also announced related crypto initiatives: alongside partners Hashed and the Busan Digital Exchange, it is developing a stablecoin wallet called “Silk Pocket.”
For the crypto industry, the outcome of this deal will be a bellwether: it tests how fast regulators will approve major share restructurings in a sector undergoing sweeping legal changes, and it will shape the consolidation of crypto services into mainstream fintech platforms in South Korea.
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