News linked to both this project and an event.
According to Tech in Asia, Naver plans to pursue an IPO for its subsidiary Naver Financial within five years after completing a share swap transaction with Dunamu—the operator of South Korea’s Upbit cryptocurrency exchange. Per the shareholders’ agreement signed by both parties, an IPO committee must be established within one year following the completion of the transaction; if the IPO is not completed within five years, the deadline may be extended up to seven years. The specific timing and structure of the IPO have yet to be determined and will depend on market conditions and regulatory developments. Notably, South Korea’s proposed Digital Asset Basic Act could impact the transaction structure, and regulators are also discussing a rule that would cap the maximum shareholding ratio for major shareholders of cryptocurrency exchanges at 20%. Meanwhile, Dunamu’s operating profit for 2025 declined 26.7% year-on-year to KRW 869.3 billion (approximately USD 591 million), primarily due to a slowdown in cryptocurrency trading volume.
In response, Star, founder and CEO of OKX, pointed out that both OKX and Binance are regulated by multiple regulatory authorities. As the ultimate beneficial owner (UBO) of a regulated company, CZ’s public proposal of a $1 billion bet is “unprofessional,” and Star expressed curiosity as to whether Binance’s regulators endorse such an action.