Hana Bank’s $668M Upbit stake faces regulatory review

South Korea’s FSC is reviewing Hana Bank’s $668M acquisition of a 6.55% stake in Dunamu for possible banking-commerce rule violations. The decision may impact future finance-crypto deals.

South Korea’s Financial Services Commission (FSC) is currently reviewing Hana Bank’s proposed acquisition of a 6.55% stake in Dunamu, the operator of the Upbit cryptocurrency exchange. The deal, valued at approximately $668–$670 million, involves purchasing shares from Kakao Investment, making Hana Bank the fourth-largest shareholder in Dunamu. The FSC is assessing whether this transaction violates South Korea’s banking-commerce separation rules, which restrict financial institutions from investing in non-financial and digital asset businesses. These rules have been enforced through administrative guidance since 2017, with formal legislation delayed until at least September. Regulators have clarified that indirect investments are subject to the same scrutiny as direct ones, and there are no plans to relax these rules. The outcome of this review could set a precedent for future finance-crypto partnerships in South Korea. Additionally, a 22% tax on crypto gains will take effect in January 2027, while Dunamu has reported a significant drop in Q1 earnings due to low trading volumes.