Of the 12 combination types, 10 raise competition-restriction concerns... Review launched for Naver Financial and Dunamu

South Korea’s Fair Trade Commission has begun its merger review of Naver Financial’s all-stock acquisition of Dunamu, with case handlers flagging competition concerns in 10 of 12 combination types and alleging a violation of Article 9(1) of the Fair Trade Act. Under the share swap, Dunamu shareholders would receive about 2.54 Naver Financial shares per Dunamu share, making Dunamu—operator of the Upbit crypto exchange—a wholly owned subsidiary of Naver Financial. The review matters because it tests how Korea’s competition regulator treats ties between a major internet finance platform and the country’s largest crypto exchange by volume. Watch for the commission’s deliberation schedule and any remedies or behavioral conditions imposed on the combined entity.