Dunamu, which operates Upbit, South Korea's largest virtual asset exchange, announced its plan to proceed with the merger with Naver Financial as originally planned.
Dunamu held its 14th regular shareholders' meeting this morning (31st) in Yeongsan-dong, Gangnam-gu, Seoul, and passed resolutions on approving financial statements and determining executive and auditor compensation limits as originally proposed.
Oh Kyung-seok, CEO of Dunamu, said, "The deal is large in scale and unprecedented, so it is taking time for regulatory review," and added, "We are currently in the process of obtaining approval from the Fair Trade Commission for the business combination and approval from the Financial Services Commission for the change of major shareholders."
Regarding the impact of recently discussed regulations limiting major shareholder stakes in virtual asset exchanges on the merger, he explained, "Since it is still in the discussion stage, it is difficult to say it will directly affect the deal."
Dunamu stated that it will proceed with an initial public offering (IPO) immediately after the merger is completed, and explained that it is reviewing both domestic and international markets.
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