According to South Korean media NATE, Dunamu, the parent company of the South Korean cryptocurrency exchange Upbit, responded to rumors of a U.S. listing, stating that the company has indeed been in contact with the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), but it has not yet confirmed a U.S. listing, nor has it converted its financial statements to U.S. Generally Accepted Accounting Principles (US GAAP).

Dunamu stated that it had previously only compared and understood the differences between Korean accounting standards and US GAAP. It plans to complete the share exchange with Naver Financial by December 31. After the transaction is completed, both parties plan to establish an IPO committee and promote the listing within a year, but the specific country and market for the listing have not yet been determined. Market analysts believe that if a U.S. listing ultimately occurs, Dunamu and Upbit’s Korean entity and existing business will remain unchanged, and it is expected that American Depositary Receipts (ADR) may be used.