Upbit Parent Company Dunamu Responds to IPO Rumors: Confirms Contact with U.S. SEC and CFTC, Plans to Establish IPO Committee

According to South Korean media outlet NATE, Dunamu, the parent company of South Korean crypto exchange Upbit, addressed rumors of a U.S. listing by stating that while the company has indeed engaged with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), no decision on a U.S. listing has been made, and it has not converted its financial statement accounting standards to U.S. Generally Accepted Accounting Principles (US GAAP). Dunamu stated that it had previously only compared and assessed the differences between Korean accounting standards and US GAAP. The company currently plans to complete a share exchange with Naver Financial by December 31. Following the completion of the transaction, both parties plan to establish an IPO committee within one year to advance the listing process, though the specific country and market remain undecided. Market analysts believe that if it ultimately lists in the U.S., Dunamu and Upbit's Korean legal entities and existing operations will remain unchanged, and the company is expected to proceed via American Depositary Receipts (ADR).