Naver’s Dunamu takeover faces antitrust scrutiny amid competition concerns
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Naver Chairman Lee Hae-jin, center, speaks during a press conference to announce Naver Financial’s takeover of Dunamu at Naver headquarters in Seongnam, Gyeonggi Province, Nov. 27, 2025. Courtesy of Naver
The Fair Trade Commission (FTC) has launched a formal review of Naver Financial’s planned acquisition of Dunamu, saying the deal could substantially restrict competition across multiple markets, including online payments and digital asset exchanges, the watchdog said Tuesday.
The deal involves a comprehensive stock swap under which Naver Financial would acquire all shares of Dunamu. In return, Dunamu shareholders would receive about 2.54 shares of Naver Financial for each Dunamu share. Dunamu is the operator of the nation’s leading crypto exchange Upbit.
If completed, Naver Financial would become Dunamu’s sole parent company, while Dunamu would become its wholly owned subsidiary.
The proposed merger raises competition concerns in several relevant markets. The companies reported their corrective measures to ease such concerns, and the FTC initiated a review of the measured proposed by the two firms.
Naver Financial seeks to bring one of Korea’s largest digital asset exchanges under its financial portfolio.
The watchdog is expected to hold a hearing on the case soon. Final approval, rejection or other measures will be determined by independent commissioners after reviewing the parties’ arguments and the proposed remedies.
“We will gather sufficient opinions before reaching a final decision through deliberations among the commissioners,” an official from the FTC said.
