South Korea’s Fair Trade Commission has begun a formal review of Naver Financial’s proposed acquisition of Dunamu, operator of the Upbit cryptocurrency exchange, after examiners identified possible competition risks across 10 markets. The transaction, filed in November 2025 as a comprehensive share exchange, would give Naver Financial 100% of Dunamu while providing existing Dunamu shareholders about 2.54 Naver Financial shares for each share held. Areas under review include online simple payments, cryptocurrency exchanges, search, advertising, shopping, financial MyData services, listed-stock investment platforms, secondhand trading and a potential market for Korean won-denominated stablecoins. Examiners found two horizontal overlaps unlikely to restrict competition but identified concerns involving six conglomerate combinations linking crypto exchanges with Naver’s platform businesses and four combinations connected to potential stablecoin issuance. The companies have submitted corrective measures, and the full commission will decide whether to approve the deal with conditions or reject it, with the review targeted for completion by year-end.