South Korea's financial regulator is taking a close look at Hana Bank's plan to buy a stake in Dunamu — the company behind the country's biggest crypto exchange, Upbit — valued at $668 million. The Financial Services Commission (FSC) confirmed it's reviewing the deal, with the main worry being whether it conflicts with the nation's banking-commerce separation rules. The review puts one of the largest corporate tie-ups between a traditional bank and a crypto firm in South Korea under a microscope.
The regulatory hurdle
Korea's banking-commerce separation law is designed to keep industrial capital from exerting control over financial institutions. But in this case, it's the other direction: a bank moving into a non-financial business. Hana Bank, one of the country's major commercial banks, wants to buy into Dunamu. The FSC has to decide if that crosses a line. The regulator hasn't signaled a timeline for its decision, but the review is active.
What's at stake
Dunamu operates Upbit, the dominant crypto exchange in South Korea by trading volume. A $668 million stake would give Hana Bank a significant foothold in the digital asset space. For Dunamu, the deal would bring a deep-pocketed institutional backer with a banking license — a rare combination in a market where crypto firms often struggle to get bank accounts. The FSC's scrutiny isn't a surprise. Korean regulators have long kept a tight leash on the intersection of banking and crypto.
Next steps
The FSC's review will determine whether the deal proceeds as planned, gets restructured, or gets blocked entirely. Neither Hana Bank nor Dunamu has commented publicly on the review. The ball is in the regulator's court — and the outcome could set a precedent for how South Korea handles future bank-crypto deals.
