急刹！Naver千亿收购Upbit遇阻，反垄断审查延期，韩国币圈要变天

Core Viewpoint - The South Korean Fair Trade Commission has extended the review period for Naver's acquisition of Dunamu, the parent company of Upbit, until mid-November due to concerns over potential monopolistic practices in the cryptocurrency market, with the deal valued at over $50 billion [1][3]. Group 1: Market Dynamics - Naver holds 82% of the search traffic in South Korea and has 28 million active users on its payment platform, Naver Pay, while Upbit commands 47% of the local cryptocurrency trading volume, raising concerns about reduced competition for smaller exchanges post-merger [1][3]. - The partnership between Naver and Upbit has already led to the launch of a stablecoin pegged to the Korean won, which has a trading volume exceeding $5 billion, representing 63% of the Korean stablecoin market [3]. Group 2: Strategic Intentions - Naver aims to establish itself as a dominant player in the cryptocurrency ecosystem by integrating Upbit's 20 million users into its platform, creating a closed-loop system for searching market data and facilitating transactions [5]. - Upbit, despite its market leadership, faces compliance challenges and a significant user attrition rate of 18% in Q2 2023, indicating a need for Naver's brand credibility and compliance resources to regain user trust [7]. Group 3: Reactions and Adjustments - Supporters, including the Korea Blockchain Association, argue that the merger could enhance the international competitiveness of local crypto firms, drawing parallels to Naver's successful involvement in the LINE merger [9]. - Opponents, including smaller exchanges like Coinone and Korbit, have expressed concerns that the Naver-Upbit alliance could stifle competition and replicate past monopolistic behaviors seen with Google in South Korea [11]. - In response to the regulatory scrutiny, Naver has proposed to divest part of its stablecoin business to facilitate the approval process, although the Fair Trade Commission has not yet indicated any leniency [13].