Upbit Operator Under Regulatory Scrutiny, Coinone Attracts New Bidder

- FSS cites omissions and potential risks in Dunamu’s Naver stock swap report. - Korea Investment eyes Coinone stake amid rival Korbit acquisition. On April 3, 2026, South Korea's Financial Supervisory Service (FSS) flagged Dunamu’s stock swap disclosure with Naver Financial for omissions and false statements. The agency scrutinized the operator of cryptocurrency exchange Upbit for omitting key details regarding “future company restructuring plans” and “matters crucial for investment judgments.” This regulatory intervention has cast uncertainty over the merger, with potential repercussions ranging from delays to outright cancellation. The deal still awaits pending approvals and ongoing legislative considerations. Separately, Korea Investment & Securities is in active discussions to acquire a stake in Coinone, South Korea's third-largest cryptocurrency exchange. According to a report from BeInCrypto on April 2, and another from Chosunbiz on April 3, this strategic move reflects intensifying competition in the nation’s virtual asset sector. This development follows Mirae Asset Group’s recent acquisition of Korbit. Both Korea Investment & Securities and Coinone have confirmed they are in exploratory talks, though they have not established any definitive agreements or timelines. Regulatory proposals also add complexity to negotiations, as they may push Coinone's CEO, a majority shareholder, to sell. As of April 3 at 18:08 UTC, Tether USDt (USDT) is trading at $1, according to market data. This represents a -0.01% price change over the past 24 hours.