dunamu

According to Tech in Asia, South Korean internet giant Naver plans to promote the IPO of its fintech subsidiary Naver Financial within five years after completing a share swap with Dunamu, the operator of the cryptocurrency exchange Upbit in which it holds shares. The transaction has been delayed due to an extended antitrust review period, and the specific timetable and structure will depend on market conditions and the regulatory environment. The proposed "Digital Asset Basic Law" in South Korea may change the transaction structure or timetable.On the same day the share swap contract was signed, both parties entered into a shareholder agreement, requiring the establishment of an IPO committee for Naver Financial within one year after the share swap is completed. If the IPO is not achieved within five years, the timeframe can be extended by another two years. Regulators are also discussing a proposal to limit the shareholding ratio of the major shareholders of the exchange to within 20%, which may lead to adjustments in the transaction terms.

Circle CEO Jeremy Allaire stated that Circle has expanded its collaboration with Upbit operator Dunamu to support the compliant adoption of digital assets and has enhanced its partnership with Bithumb to improve stablecoin infrastructure and raise market awareness of stablecoins.Jeremy Allaire mentioned that South Korea is rapidly advancing regulations on stablecoins and digital assets, with a high local cryptocurrency adoption rate. During his time in Seoul, he also met with representatives from KakaoGroup, Coinone, Hashed, Shinhan Bank, KB Financial Group, and Woori Bank.

According to News1, the stablecoin issuer Circle has partnered with Dunamu, the operator of South Korea's largest virtual asset trading platform Upbit, to collaborate in the field of stablecoins and other digital assets.Dunamu stated that it has signed a comprehensive memorandum of understanding (MOU) with Circle and is discussing cooperation plans in the digital asset sector, including stablecoins, such as jointly promoting educational projects. This initiative aims to enhance market participants' access to information, thereby increasing the trustworthiness of South Korea's digital asset ecosystem.In particular, Dunamu plans to promote "healthy innovation" in the South Korean digital asset market through collaboration with Circle, which has consistently complied with U.S. regulations and continues to expand its business.

The South Korean court ruled on the administrative lawsuit filed by Upbit operator Dunamu against the Financial Intelligence Unit (FIU), deciding to revoke the previous three-month partial business suspension. The court stated that, in the absence of clear enforcement guidelines from the regulatory agency, Dunamu had taken measures, including customer commitment letters and internal monitoring, to fulfill its reasonable obligations.Although there is still controversy over whether the relevant measures are sufficient to completely block transactions with unreported operators, they are not enough to support the previous penalty decision.

According to Money Today, the Financial Supervisory Service (FSS) of South Korea issued a corrective order to Dunamu, the operator of Upbit, on April 3 regarding the "comprehensive stock exchange and transfer decision" main matters report. The FSS pointed out that there were significant omissions or false records in the report submitted by Dunamu on March 30, concerning the "future company restructuring plan" and "other important matters related to investment judgment."Dunamu clearly stated in the report that due to the need to obtain approval from the Fair Trade Commission, as well as the need to complete the major shareholder change declaration in accordance with the Credit Information Act and the Specific Financial Information Act, this stock exchange may face risks of delay or cancellation. In addition, the legislative process of the "Basic Law on Digital Assets," which is currently under review in South Korea, may also have a significant impact on the transaction.

According to a report by South Korean media Decenter, Dunamu, the operator of South Korea's largest cryptocurrency exchange Upbit, has released its annual performance report for 2025, showing a decline in both revenue and profit.According to the consolidated financial statements, Dunamu's operating revenue for 2025 was 1.56 trillion won, a year-on-year decrease of 10.0% (compared to 1.73 trillion won in the same period last year); operating profit was 869.3 billion won, a year-on-year decrease of 26.7% (compared to 1.18 trillion won in the same period last year); net profit was 708.9 billion won, a year-on-year decrease of 27.9% (compared to 983.8 billion won in the same period last year).Reports indicate that the decline in performance is mainly attributed to the shrinking trading volume in the cryptocurrency market against the backdrop of a global economic downturn. Dunamu's revenue structure is highly concentrated on trading fees, which accounted for 98.26% of total revenue in 2025.

The cryptocurrency exchange Upbit has announced the disclosure of Dunamu & Partners' digital asset holdings as of December 2025. The announcement shows that Dunamu & Partners currently holds only Bitcoin assets, totaling 2081.84950412 BTC, with no sale records to date.The announcement pointed out that this BTC investment was completed on February 19, 2021, corresponding to the market support date of October 24, 2017, with the holding purpose being for the exchange of LUNC (formerly LUNA). The relevant BTC is stored in two on-chain addresses, and the announcement also stated that individual small unauthorized external transfers do not constitute its investment or holding activities.Upbit emphasized that Dunamu & Partners adheres to established principles in digital asset investment, refraining from sales within three months from the date the project first received trading support on Upbit, and disclosing holdings at the end of each month through announcements to enhance transparency. The platform stated that it will continue to provide users with a public, transparent, and robust trading environment.

According to FN News, Dunamu, the operating company of the South Korean cryptocurrency exchange Upbit, has stated that it has frozen damaged assets worth 2.6 billion won (approximately 1.77 million USD). Upbit is advancing follow-up processes to safely recover the frozen assets.Currently, Upbit is utilizing its self-developed on-chain tracking service (OTS) to trace the paths of virtual assets transferred to external sources. At the same time, it is actively collaborating with global cryptocurrency exchanges to prevent further transfer of assets. A related person from Upbit stated, "Although all customer damaged assets have been compensated by Upbit's own assets, we remain relentless in tracking and freezing to prevent assets from falling into the hands of attackers. To create a secure cryptocurrency asset ecosystem, we sincerely request global cryptocurrency exchanges and the blockchain community to cooperate actively."On the other hand, after replacing all virtual asset wallets and strengthening security measures, Upbit has resumed all virtual asset deposit and withdrawal services on the 6th. Previously, Upbit confirmed that it suffered a loss of over 44.5 billion won due to the theft of its hot wallet, and the CEO issued an apology letter.

According to Bloomberg, the founders of South Korea's largest cryptocurrency exchange, Dunamu Inc., Song Ji-hyung and Kim Heung-nyeon, agreed last week to sell the company to the fintech division of Naver Corp., with the transaction being conducted entirely in stock.According to the Bloomberg Billionaires Index, in this merger deal valued at $13.6 billion, Song Ji-hyung will receive a 19% stake in the merged entity, worth $2.7 billion; Kim Heung-nyeon will receive a 10% stake, worth $1.4 billion, thus placing both of them among the wealthiest people in the world.

South Korean tech giant Naver and Dunamu, the parent company of South Korea's largest cryptocurrency exchange Upbit, plan to jointly invest 10 trillion won (approximately 6.8 billion USD) over the next five years to build a new generation of financial infrastructure based on AI and blockchain technology.Naver's fintech division, Naver Financial, confirmed on Wednesday that it will acquire Dunamu through a share swap. This is one of the largest collaborations in South Korea's fintech and cryptocurrency sectors, integrating Naver's AI and business capabilities, Naver Financial's payment and financial infrastructure, and Dunamu's digital asset trading and blockchain ecosystem.Dunamu President Oh Kyung-seok stated that the two companies will also work together to issue a won-pegged stablecoin. Previously, Naver Financial planned to launch a stablecoin wallet service in Busan next month. South Korean President Lee Jae-myung has chosen to promote the establishment of a local currency-pegged stablecoin market to protect monetary sovereignty.

According to a report by Bloomberg, South Korea's largest portal site Naver Corporation has agreed to acquire Dunamu Inc. — the operator of South Korea's largest cryptocurrency exchange Upbit — in an all-stock transaction valued at approximately $10.3 billion.According to the transaction plan disclosed through regulatory filings on Wednesday, Naver's fintech subsidiary Naver Financial Corp. will complete the acquisition by issuing 2.54 new shares of Naver for each share of Dunamu held.

South Korean tech giant NAVER announced that NAVER Financial will acquire 100% of the shares of Dunamu, the operator of the cryptocurrency exchange Upbit, through a share swap, making it a wholly-owned subsidiary.According to the disclosed information, the share swap price for Dunamu is set at 439,252 KRW per share, while the share swap price for NAVER Financial is set at 172,780 KRW per share, with a swap ratio determined at 1:2.54. NAVER stated that by acquiring Dunamu, NAVER Financial aims to gain future growth momentum based on digital assets. The company noted that after the transaction is completed, both companies will continue their existing business operations while ensuring future growth momentum through functional organic cooperation and will review various structural reorganization plans to enhance operational efficiency and shareholder value.

According to CoinDesk, South Korea's Financial Intelligence Unit (FIU) has imposed a $25 million fine on Upbit operator Dunamu and suspended new customer registrations for three months. The regulator found approximately 5.3 million instances of customer verification violations at the exchange and failed to report 15 suspicious transactions. Dunamu is considering an appeal, stating that the FIU has had previous rulings overturned by the courts.At the same time, the FIU also conducted compliance checks on other South Korean exchanges such as Bithumb, Coinone, Korbit, and GOPAX, discovering multiple violations. Upbit has pledged to strengthen investor protection measures to ensure a safe trading environment for its customers.

According to Beincrypto, South Korea's largest cryptocurrency exchange Upbit's parent company Dunamu and payment platform Naver Financial plan to announce a merger on November 27. The boards of both parties will approve this all-stock exchange transaction on the 26th, with an estimated exchange ratio of 1:3. After the transaction is completed, Dunamu will become a wholly-owned subsidiary of Naver Financial.After the merger, Dunamu's major shareholders will hold nearly 30% of the new company, while Naver's stake will decrease from 69% to 17%, but it will retain operational control. This transaction values Naver Financial at approximately 50 trillion won and Dunamu at about 150 trillion won.

According to a report by koreatimes, sources indicate that South Korea's largest portal site Naver is expected to confirm its acquisition plan for Dunamu at a board meeting scheduled for next week. Dunamu is the operator of Upbit, South Korea's largest cryptocurrency exchange.Insiders revealed that Dunamu plans to hold a board meeting on November 26 to confirm the specific details of the acquisition plan.It is said that Naver plans to promote a comprehensive stock swap through its fintech subsidiary Naver Financial, making Dunamu a wholly-owned subsidiary, aiming to expand its business layout in the digital finance sector.

The Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission has imposed a fine of 35.2 billion won (approximately 26.4 million USD) on Dunamu, the operator of the cryptocurrency exchange Upbit, for violating the Specific Financial Information Act. The violations include prohibiting transactions with unreported virtual asset operators, failing to fulfill customer due diligence obligations, not implementing transaction restrictions, and not reporting suspicious transactions. Dunamu stated that it accepts the decision.