Korea Regulator Reviews Hana Bank’s $700 Million Bid for 6.55% of Upbit Owner Dunamu

Overview

• South Korea’s Financial Services Commission is reviewing the plan as an indirect investment in Dunamu and is applying bank–commerce separation standards without signaling any easing.
• Hana Bank aims to buy a 6.55% stake from Kakao Investment for about 1 trillion won, which would make it Dunamu’s fourth-largest shareholder if approved.
• The transaction is reported to target a June 15 closing, though completion depends on the regulator’s decision and would give Hana exposure to Upbit’s operator.
• Regulators have, since 2017, used supervisory guidance to curb banks from buying or holding virtual assets or exchange stakes, and crypto exchanges are not treated like ordinary financial firms under current rules.
• The review could set a precedent for future bank-linked crypto deals as Korea drafts broader digital-asset and tokenized-securities rules, with added attention on Dunamu’s market lead through Upbit and a separate, still-pending merger with Naver Financial.