South Korea’s Naver Financial has delayed plans for its share swap with crypto exchange Upbit’s parent firm Dunamu.
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.
According to a regulatory filing with the country’s Financial Supervisory Service, Naver said it will hold a shareholder vote on Aug. 18, following which it will complete the transaction on Sept. 30.
With the new timeline, the deal has now been delayed by nearly three months from earlier target dates of late May or early June.
While the company did not disclose the reason behind the delay, it said the deal remains subject to multiple regulatory approvals tied to changes in major shareholding and business combination review. It added that the transaction could be subject to further delays or cancellation depending upon how the approval process unfolds.
The deal may also be impacted by South Korea’s proposed Digital Asset Basic Act, which is expected to be implemented in the first half of 2026.
The planned legislation is the second phase of the country’s crypto regulatory framework and is set to expand beyond the current user protection regime to put in place a broader rulebook for the digital asset sector.
In the meantime, Dunamu has reported weaker operating performance, with its revenue and profit both falling in 2025 as market activity across the crypto market has slowed.
Per its annual filing, the company posted a 10% year-on-year decline in revenue, while its operating profit fell 26.7% and its net profit fell 27.9%.
Naver Financial first disclosed plans to acquire Dunamu last year, with local media reporting at the time that the company was preparing a share swap to bring the Upbit operator under its umbrella. The deal was subsequently confirmed in November as a roughly $10.3 billion all stock deal.
Around the same time, the company also announced plans to launch a stablecoin wallet service in collaboration with blockchain investment firm Hashed and the Busan digital exchange. As previously reported by crypto.news, the companies plan to develop a wallet named “Silk Pocket.”
