South Korea's Financial Services Commission is reviewing Hana Bank's plan to purchase a 6.55% stake in Dunamu, the operator of Upbit, under bank-commerce separation rules. According to reports from iNews24, the regulator is examining whether the deal falls under rules that separate banks from commercial businesses. The transaction is valued at $668 million (1 trillion won) and would make Hana Bank Dunamu's fourth-largest shareholder if regulators approve the deal in June. As reported by crypto.news, the review centers on South Korea's 'banking-commerce separation' approach, which limits banks from holding certain non-financial business interests, with crypto exchange operators sitting in a sensitive area because they are not treated like ordinary financial firms under current rules.
As reported by Reuters, the transaction involves Hana Bank purchasing the shares from Kakao Investment, not directly from Dunamu. An FSC official stated that while the deal is structured through Kakao Investment, it has the same nature as a direct investment in Dunamu. Kakao Investment's holding would decrease to 4.03% after the sale, while Hana Bank would gain direct exposure to South Korea's largest crypto exchange operator. According to crypto.news, the transaction is expected to close on June 15, providing Hana Bank with direct exposure to the crypto exchange operator.
The review centers on South Korea's 'banking-commerce separation' approach, which limits banks from holding certain non-financial business interests. According to iNews24, South Korea has restricted financial companies from buying, holding, pledging or investing in virtual assets and related exchange stakes through supervisory guidance since 2017. An FSC official confirmed that authorities are 'not directly easing' the rule at this stage, maintaining the current separation framework. As reported by crypto.news, crypto exchange operators sit in a sensitive area because they are not treated like ordinary financial firms under current rules.
Hana Bank's move follows similar positioning by Naver, Mirae and OKX across South Korea's crypto market. According to crypto.news, the transaction is expected to close on June 15, providing Hana Bank with direct exposure to the crypto exchange operator. Upbit is reported to handle more than 80% of South Korea's virtual asset trading volume, making it a significant player in the domestic crypto market. crypto.news reports that Upbit held about 70% market share, though some reports later cited Reuters in saying Upbit handles more than 80% of South Korea's virtual asset trading volume.
The deal comes as major Korean finance and technology groups move closer to crypto businesses, with Dunamu working through its planned merger with Naver Financial, which requires regulatory reviews. According to Reuters, Naver Financial agreed to acquire Dunamu in an all-stock deal valued at 15.13 trillion won in November. South Korea is also preparing new rules for tokenized securities, with the FSC planning to release detailed tokenized securities rules in July before amended laws take effect in February 2027.
