Naver's Upbit Deal Slips Again as FTC Review Drags On

Three separate approvals still stand between the companies and completion. The FTC must clear the combination under the Monopoly Regulation and Fair Trade Act. Regulators must approve the change in Naver Financial's largest shareholder under the Credit Information Act. They must also accept the filing on Dunamu's major shareholder change under the Specific Financial Transaction Information Act.

Dunamu has already warned investors that the swap could be delayed or canceled depending on how long the process takes.

The company is under strain. Cryptopolitan reported in May that Dunamu's operating profit fell 78% year-on-year to 88 billion won ($60 million) in the first quarter of 2026 as trading volumes on Upbit dropped.

Roughly 97% of Dunamu's revenue comes from transaction fees. Korean regulators are also preparing a 22% crypto-gains tax that takes effect in January 2027, a further threat to the retail trading Upbit depends on.

Combining Naver's payments reach with Upbit has raised concerns about a single company gaining outsized control over crypto trading and the wider digital-asset market in Korea.

Naver Financial recently stated that it intends to list on the securities market after the swap and plans to form an IPO committee within a year of closing the deal.

Dunamu said the delay stems from the extended Fair Trade Commission review of the business combination. It warned that the schedule could shift again or the swap could fall through depending on how the approvals progress.