Naver Financial has pushed back its planned share-swap deal to bring Upbit’s parent company Dunamu into its fold, citing regulatory approvals as the sticking point.
In a filing with South Korea’s Financial Supervisory Service (FSS), Naver Financial said it will hold a shareholder vote on Aug. 18 and now expects to complete the transaction on Sept. 30 — almost three months later than earlier target dates in late May or early June. The company did not specify a single cause for the postponement, but noted the transaction remains subject to multiple regulatory approvals related to changes in major shareholding and a business combination review. It warned the timeline could be pushed back further or the deal could be canceled depending on how the approval process unfolds.
Regulatory uncertainty is front and center. South Korea’s proposed Digital Asset Basic Act — the second phase of the country’s crypto regulatory framework, which would extend rules beyond current user-protection measures to create a broader regime for digital assets — could also affect the transaction if implemented. The legislation is expected to be enacted in the first half of 2026.
The timing comes as Dunamu reported weaker results for 2025 amid softer crypto market activity: revenue fell 10% year-on-year, operating profit dropped 26.7%, and net profit declined 27.9%, according to its annual filing.
Naver Financial first revealed plans to acquire Dunamu last year; media reports at the time said Naver was preparing a share swap, and the companies confirmed an all-stock deal valued at roughly $10.3 billion in November. Around the same time they also announced a partnership with blockchain investor Hashed and the Busan digital exchange to build a stablecoin wallet called “Silk Pocket.”
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