Dunamu Confirms Contact with SEC and CFTC, Plans to Establish IPO Committee

The operator of South Korean cryptocurrency exchange Upbit, Dunamu, has confirmed that it has been in contact with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). However, it has not yet determined whether to proceed with an IPO in the U.S. or convert its financial statements to U.S. Generally Accepted Accounting Principles (US GAAP). Dunamu is advancing a share exchange with Naver Financial, expected to be completed by December 31, with valuations of 15 trillion won and 5 trillion won for both parties, respectively, at an exchange ratio of approximately 2.54 shares of Naver Financial for every 1 share. After the transaction is completed, both parties plan to establish an IPO committee and advance towards listing within a year. The market considers Nasdaq as a potential listing location, as Naver is already listed on the Korean exchange, and if it were to list again as a subsidiary in Korea, it might face regulatory restrictions. If it goes public in the U.S., Dunamu may complete the process through American Depositary Receipts (ADR), retaining its Korean legal entity and Upbit operations, with user services such as deposits and withdrawals in Korean won expected to remain unaffected.

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