South Korean company Naver Financial has postponed its plans to swap its shares with Dunamu, the parent company of cryptocurrency exchange Upbit.
summary
- Naver Financial has delayed its share swap with Dunamu by nearly three months, with a shareholder vote set for August 18 and now expected to be completed on September 30.
- The deal remains subject to regulatory approvals and could face further delays or cancellation, with South Korea’s digital assets statute also likely to impact the timeline.
According to censorship Deposit Naver, with the country’s financial supervisory service, said it will hold a shareholder vote on August 18, after which it will complete the deal on September 30.
With the new timeline, the deal has now been pushed back by approximately three months from the previous target dates of late May or early June.
While the company did not disclose the reason for the delay, it said that the deal is still subject to multiple regulatory approvals related to changes in key shares and a business combination review. She added that the deal could be subject to further delay or cancellation depending on how the approval process goes.
The deal may also be affected by the proposal proposed by South Korea Basic law of digital assetsIt is expected to be implemented in the first half of 2026.
The planned legislation is the second phase of the country’s cryptocurrency regulatory framework and is set to expand beyond the current user protection regime to establish a broader rulebook for the digital asset sector.
Meanwhile, Dunamu reported weaker operating performance, with its revenue and profits falling in 2025 as market activity across the cryptocurrency market slows.
According to its annual report, the company recorded a 10% decline in revenue year-on-year, while its operating profit fell by 26.7% and its net profit fell by 27.9%.
Naver Financial first revealed its plans to acquire Dunamu last year, with local media reporting at the time that the company was preparing for a stock swap to bring the Upbit operator under its umbrella. The deal was later confirmed in November as a stock deal worth approximately $10.3 billion.
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. Ditto I mentioned By crypto.news, the companies are planning to develop a wallet called “Silk Pocket”.
