Samsung to buy stake in Upbit crypto exchange for $400 million
Three Samsung affiliates have agreed to buy a 4% stake in Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, for $408 million. All the deals are expected to close on June 19.
According to the Korea Herald, investment bank Samsung Securities will acquire a 2% stake in Dunamu in a cash transaction with affiliates of technology conglomerate Kakao, according to a filing published on Thursday. Credit card provider Samsung Card and IT unit Samsung SDS will also join the deal, with each company buying a 1% stake in Dunamu.
After the transactions are completed, Kakao will have sold nearly $1.5 billion worth of shares in Dunamu in less than a month. About two weeks earlier, the company sold a 6.55% stake in the Upbit operator to financial group Hana Bank, followed by another stake sale to Hanwha Investment and Securities for 600 billion won.
Upbit’s problems
In 2025, South Korea’s largest crypto exchange came under regulatory pressure: the Financial Intelligence Unit sent the platform a notice of possible business suspension over alleged AML and KYC violations. According to local media, the regulator identified nearly 600,000 cases of non-compliance with customer identification procedures, while potential sanctions could have restricted new user registrations for up to six months.
Existing customers were expected to continue using the platform, while Upbit was given time to submit explanations before the FIU hearings. The regulator’s final decision is important not only for the exchange’s current operations, but also for the future renewal of its license, which must be updated every three years.
As a reminder, Upbit had considered a potential IPO on Nasdaq.
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