Why is South Korea reviewing Hana Bank’s investment in Dunamu?

Financial Services Commission is reviewing whether Hana Bank’s planned investment in Dunamu complies with South Korea’s “banking-commerce separation” policies.

How much is Hana Bank investing in Dunamu?

Hana Bank agreed to purchase a 6.55% stake in Dunamu for around 1 trillion won, or roughly $668 million. The deal involves about 2.2 million shares purchased from Kakao Investment.

Why does South Korea limit bank ownership in non-financial businesses?

South Korea’s “banking-commerce separation” framework is designed to reduce conflicts of interest and financial concentration between banks and commercial businesses. Regulators aim to prevent excessive corporate influence over financial institutions.

Why is Dunamu considered a regulatory grey area?

Crypto exchanges are not fully classified as traditional financial institutions under current South Korean law. That creates uncertainty around how banking ownership restrictions apply to crypto-related businesses.

What is Dunamu best known for?

Dunamu operates Upbit, the country’s largest domestic crypto exchange and one of the most influential digital asset trading platforms in Asia.

Why does this investment matter for the crypto industry?

The deal signals growing institutional interest in regulated cryptocurrency infrastructure in South Korea. Large banks and financial firms increasingly want exposure to digital asset markets despite regulatory uncertainty.

Could regulators block Hana Bank’s investment?

Potentially, yes. If regulators determine the transaction violates supervisory policies tied to banking ownership rules, they could impose restrictions or require structural adjustments.

Why are traditional financial firms investing in crypto exchanges?

Banks and asset managers see crypto exchanges as strategic infrastructure businesses tied to digital finance growth. Investments may also help firms gain access to trading, custody and tokenised finance opportunities.

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South Korea reviews Hana Bank’s Dunamu investment

Written by Liezl GambePublished May. 19 2026

Financial Services Commission is reportedly reviewing Hana Bank’s planned $668 million investment in Dunamu under South Korea’s “banking-commerce separation” framework.

According to local reports, regulators are assessing whether Hana Bank’s proposed purchase of a 6.55% stake in Dunamu from Kakao Investment should be treated the same as a direct investment in the crypto exchange operator.

Hana Bank agreed to acquire approximately 2.2 million Dunamu shares for around 1 trillion won, or roughly $668 million, in one of the largest recent institutional investments tied to South Korea’s crypto sector.

South Korea’s regulatory system historically limits ownership links between banks and non-financial companies through policies commonly referred to as “banking-commerce separation,” though crypto firms operate in a partially undefined area under existing rules.

Dunamu operates Upbit, South Korea’s largest domestic cryptocurrency exchange and one of the country’s most influential digital asset platforms.

The review comes as traditional financial groups increasingly expand into South Korea’s tightly regulated crypto market, including Mirae Asset’s planned acquisition of a majority stake in crypto exchange Korbit earlier this year.

Local media also recently reported that OKX and Korea Investment & Securities are discussing potential investments in crypto exchange Coinone through a new share issuance.