Overseas Exchanges Target Korea... NAVER-Dunamu Deal Review Delayed

Binance Acquires Gopax, Enters Korean Market
OKX Also Secures 20% Stake in Coinone
FTC Launches Business Combination Review
NAVER Plans Korean Won-Denominated Stablecoin
"Review Delays Could Cost Korea in Global Competition"

"Overseas companies involved in virtual assets are upgrading their infrastructure based on blockchain and actively exploring new business models. The opportunity costs at the national level must be taken into account."

On November 10, the Fair Trade Commission (FTC) announced that it had begun reviewing the business combination involving NAVER Financial and Dunamu through a share swap. Experts said the FTC must make a bold decision to foster domestic digital finance platforms capable of competing with global players. They argued that, as the gap between domestic and overseas businesses could widen further, Korea should open up channels for domestic companies to expand their accumulated technology and service capabilities overseas.

On November 11, Professor Lee Jongseop of Seoul National University's Department of Business Administration said, "In other countries, institutional players are building ecosystems in the blockchain industry and actively developing new businesses, while discussions in Korea have stalled. The FTC's review has dragged on for nearly a year, disrupting domestic companies' plans for new businesses. It is true that the competitiveness of domestic virtual asset exchanges is declining."

While domestic companies have been slow to move, overseas exchanges are expanding their presence by pursuing acquisitions of Korean won-based exchanges. In May, global exchange OKX and Korea Investment & Securities each invested KRW 80 billion and pursued the acquisition of about 20% of domestic exchange Coinone. Earlier, Binance, the world's largest exchange, acquired about 67% of domestic Korean won-based exchange Gopax in February 2023, becoming its largest shareholder. The acquisition received final approval in 2025, allowing Binance to enter the Korean market. An industry official said, "Binance's acquisition of Gopax was the first major case of an overseas exchange securing control of a domestic Korean won-based exchange. OKX's move is also significant, as it could consider taking part in management over the long term after making a financial investment."

Another virtual asset industry official added, "Global operators from overseas are accelerating their entry into the Korean market with capital and partnership strategies, but domestic companies are wasting time as they remain constrained by regulations and delayed reviews. Since Korean won-denominated stablecoins are directly tied to national monetary sovereignty, it is essential to resolve regulatory uncertainties so domestic operators can move forward."

NAVER had initially expected the business combination review to be completed relatively quickly, but the delay has increased business uncertainty. A NAVER representative said, "We voluntarily prepared corrective measures to effectively address the various concerns raised during the review about possible restrictions on competition. We have worked to allay those concerns, including by giving due consideration to expert opinions, and will continue to do our utmost to maintain a fair competitive environment and contribute to the healthy development of the digital finance ecosystem."

Through its combination with Dunamu, NAVER plans to drive innovation in a range of financial services, including Korean won-denominated stablecoins, payments, remittances and settlements, and use this as a basis to expand opportunities to enter global markets. Its goal is to establish a foundation for sustainable growth by building a business structure that enables long-term investment in technology and swift decision-making, going beyond simple service partnerships.

If the authorities reach a decision by the end of this year, NAVER plans to complete the share swap with Dunamu in the first quarter of next year. Professor Kang Hyunggu of Hanyang University's Department of Finance and Management said, "Markets limited to spot trading of virtual assets have already lost their appeal. Overseas, companies are tokenizing assets such as stocks and bonds, creating derivatives, and expanding their business models through collaboration among exchanges, securities firms and asset managers. The review must be concluded swiftly, as delays could cause Korea to miss its chance to compete globally."

This content was produced with the assistance of AI translation services.