Key Highlights
- South Korea’s regulator has ordered Dunamu to correct its report about the Naver Financial share swap.
- Upbit’s ownership will transfer fully to Naver Financial, with Dunamu shareholders receiving Naver Financial shares in the deal.
- The closing date for the swap has been pushed to September 30, 2026, as both parties await government approvals.
South Korea’s top financial regulator, the Financial Supervisory Service (FSS), has issued a corrective order to Dunamu, the company that runs the crypto exchange Upbit, regarding its public report on a planned $14.5 billion share swap with Naver Financial.
In the order issued on April 3, 2026, the FSS said the original report left out important information relevant to investors, according to a local report. The regulator identified omissions in sections on the company’s future restructuring plans and other information that could affect investment decisions. It also advised investors to be cautious when using the current version of the disclosure.
What this means for Dunamu Shareholders
The deal will make Naver Financial, the finance arm of internet giant Naver, the full parent company of Dunamu. Dunamu shareholders will get about 2.54 Naver Financial shares for each Dunamu share they have, reflecting a corporate value ratio of 1 to 3.064569
The closing date for the deal has been moved from June 30 to September 30, 2026, and related steps like the shareholder vote and record date are delayed by around three months.
According to Dunamu, it has not made a final decision on how the company will be organized after the swap. The firm said it will provide updated information once the board of directors resolves these matters.
Dunamu also explained that Naver Financial will secure voting rights through agreements with major shareholders. This will allow Naver Financial to keep Dunamu as part of its group of connected companies.
The deal was first announced in November 2025, and it is considered to be one of the biggest mergers between a fintech company and a crypto exchange in South Korea. It is expected to value the company at about $10 billion, while the whole merger is around #14.5 billion
It is structured to integrate Upbit’s crypto trading platform with Naver Pay’s payment network. Together, the two will control over 70% of the country’s crypto trading volume.
Upbit’s recent attack
This development comes just a few months after the exchange was exploited for about $36.9 million during an attack on its Solana hot wallets. The attackers reportedly moved funds in different tokens, including SOL, USDC, and several other small assets, to an anonymous wallet.
At the time, the company said it managed to freeze about ₩12 billion worth of Solaire (LAYER) tokens; however, the hacker got away with the rest. This deal is expected to help the firm recover.
Pending government approval
Meanwhile, government approvals are still needed for the deal. Naver Financial said the schedule changes reflect the time needed for reviews by the Korea Fair Trade Commission and for changes in rules under South Korea’s upcoming Digital Asset Basic Act.
This law, expected in 2026, will set stricter rules for crypto companies, including limits on ownership, disclosure requirements, and rules for stablecoins. The FSS clarified that its order does not halt the deal but requires Dunamu to revise its report before proceeding.
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