South Korean Regulators Probe Hana Bank's Investment in Upbit Operator Dunamu

South Korea’s financial regulator is reviewing a planned $668 million investment by Hana Bank to acquire a 6.55% stake in Dunamu, the operator of the country’s largest crypto exchange, Upbit.

The review follows local reports citing a Financial Services Commission official, who said regulators are examining whether the deal complies with banking-commerce separation rules. Attention is centered on the structure of the transaction, which is being carried out through Kakao Investment rather than a direct purchase from Dunamu.

Officials added that the investment will be evaluated under the same standards that would apply if Hana Bank were taking a direct equity stake in the exchange operator.

The development comes after Hana Financial Group’s banking arm agreed on Friday to purchase around 2.2 million Dunamu shares from Kakao Investment for $668 million.

Source: iNews24