Regulators weigh antitrust safeguards as Naver-Dunamu deal stalls

Financial authorities said Thursday they are considering safeguards against potential market dominance as the proposed Naver Financial-Dunamu merger remains under review. The Fair Trade Commission is assessing whether the deal would restrict competition, while regulators are considering provisions for cryptocurrency exchanges under the proposed Digital Asset Basic Act. The companies have postponed their share swap three times, most recently to March 31 next year.

The Financial Services Commission said the proposed law would seek to preserve cryptocurrency exchanges’ public-interest role and neutrality against undue influence from a company or shareholder.

Naver Financial announced last November that it planned to make Dunamu a wholly owned subsidiary through a comprehensive share swap.

Completing the transaction requires FTC merger clearance, approval of a change in Naver Financial’s controlling shareholder and regulatory acceptance of a filing on a change in Dunamu’s controlling shareholder.

The share-swap deadline moved from June 30 to Sept. 30, then Dec. 31, and most recently to March 31 next year.

Published Oct 22, 2026 2:15 pm KST

Naver Chairman Lee Hae-jin, center, speaks during a press conference to announce Dunamu's acquisition at the Naver headquarters in Seongnam, Gyeonggi Province, November 2025. From left are Naver Financial CEO Park Sang-jin, Naver CEO Choi Soo-yeon, Lee, Dunamu Chairman Song Chi-hyung and Dunamu CEO Oh Kyoung-suk. Courtesy of Naver

Financial authorities said Thursday that they are considering safeguards to address concerns over potential market dominance arising from the merger of Naver Financial and Dunamu.

"The Fair Trade Commission (FTC) is currently conducting a thorough review of whether the proposed merger between Naver and Dunamu would restrict competition," the Financial Services Commission said in a written response to Rep. Lee Kang-ill of the ruling Democratic Party of Korea.

"Similarly, under the proposed Digital Asset Basic Act, we are considering safeguards to ensure that cryptocurrency exchanges, which serve as critical market infrastructure, maintain their public interest role and neutrality without being subject to undue influence from any particular company or shareholder," it added.

Last November, Naver Financial announced plans to make Dunamu a wholly owned subsidiary through a comprehensive share swap.

With the deal, Naver Financial aims to tap into new growth opportunities in digital assets. Dunamu would gain foundation to expand beyond its existing cryptocurrency exchange and integrate with Naver's financial and IT platform services.

The companies must secure several regulatory approvals to complete the share swap, including merger clearance from the FTC, approval of a change in Naver Financial's controlling shareholder and regulatory acceptance of a filing concerning a change in Dunamu's controlling shareholder.

The FTC has yet to reach a decision on the proposed merger. It is assessing whether the deal could stifle competition. Both Naver Financial and Dunamu hold dominant positions in their respective sectors, raising antitrust concerns.

Delays in legislative discussions over the Digital Asset Basic Act are also seen as complicating the regulatory approval process, as the proposed law is expected to have a significant impact on the merged entity's future operations.

As the regulatory review has dragged on, the two companies have postponed the share swap three times, first from June 30 to Sept. 30, then to Dec. 31, and most recently to March 31 next year.

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What challenges lie ahead after Naver's acquisition of Dunamu?

金融监管机构周四表示，由于Naver Financial与Dunamu的合并案仍在审查中，他们正在考虑采取措施防止潜在的市场垄断。公平交易委员会正在评估该交易是否会限制竞争，而监管机构则在考虑根据拟议的《数字资产基本法》对加密货币交易所做出规定。两家公司已三次推迟换股计划，最近一次推迟至明年3月31日。

金融服务委员会表示，拟议的法律旨在维护加密货币交易所的公共利益角色和中立性，使其免受公司或股东的不当影响。

Naver Financial去年11月宣布，计划通过全面的股份互换将Dunamu变成其全资子公司。

完成该交易需要获得美国联邦贸易委员会的合并批准、Naver Financial控股股东变更的批准以及Dunamu控股股东变更文件的监管机构的接受。

换股截止日期从 6 月 30 日推迟到 9 月 30 日，然后推迟到 12 月 31 日，最近又推迟到明年 3 月 31 日。

发布于2026年10月22日下午2:15（韩国标准时间）

2025年11月，在京畿道城南市Naver总部举行的新闻发布会上，Naver董事长李海镇（中）宣布收购Dunamu。左起依次为：Naver金融CEO朴相镇、Naver CEO崔秀妍、李海镇、Dunamu董事长宋致亨和Dunamu CEO吴京硕。图片由Naver提供。

金融监管机构周四表示，他们正在考虑采取保障措施，以解决Naver Financial和Dunamu合并可能带来的市场支配地位问题。

“公平交易委员会（FTC）目前正在对Naver和Dunamu的拟议合并是否会限制竞争进行全面审查，”金融服务委员会在给执政党共同民主党议员李康日的书面答复中表示。

“同样，根据拟议的《数字资产基本法》，我们正在考虑采取保障措施，以确保作为关键市场基础设施的加密货币交易所能够保持其公共利益作用和中立性，而不受任何特定公司或股东的不当影响，”声明补充道。

去年11月，Naver Financial宣布计划通过全面的股份互换，将Dunamu变成其全资子公司。

通过此次交易，Naver Financial旨在开拓数字资产领域的新增长机遇。Dunamu将获得发展基础，使其业务拓展至现有加密货币交易所之外，并与Naver的金融和IT平台服务进行整合。

要完成股份互换，这些公司必须获得多项监管批准，包括获得美国联邦贸易委员会的合并批准、获得 Naver Financial 控股股东变更的批准以及监管机构接受有关 Dunamu 控股股东变更的文件。

美国联邦交易委员会尚未就拟议的合并案作出决定。委员会正在评估该交易是否会扼杀竞争。Naver Financial和Dunamu在其各自领域均占据主导地位，这引发了反垄断方面的担忧。

《数字资产基本法》立法讨论的延误也被认为会使监管审批过程复杂化，因为该拟议法律预计将对合并实体的未来运营产生重大影响。

由于监管审查一直拖延，两家公司已经三次推迟换股，第一次是从 6 月 30 日推迟到 9 月 30 日，然后推迟到 12 月 31 日，最近一次推迟到明年 3 月 31 日。

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