Dunamu completed its US GAAP accounting conversion, the first concrete operational step toward a Nasdaq listing, and reportedly met with SEC Chairman Paul Atkins as part of it. Atkins has apparently been actively courting offshore crypto exchanges to list in the US, and Dunamu was one of them. The strategic logic connects directly to the Naver-Dunamu share exchange, which has been repeatedly delayed and is now targeting a November 19 shareholder vote and December 31 close. Korea just implemented a rule banning parent-subsidiary dual listings as of this month, so once Dunamu becomes a Naver Financial subsidiary, it can't list domestically. A Nasdaq listing is being read as the required exit path for Dunamu shareholders to actually get liquidity and voting rights on their post-swap Naver Financial shares, and separately as a fallback if the Naver deal falls through entirely, Dunamu going public alone. On structure, this won't be a full "flip" like Coupang did, no US holding company replacing the Korean entity. It's expected to follow SK Hynix's recent approach instead, an ADR listing with the Korean operating company staying intact. That matters for users, Upbit accounts, KRW deposits, and Korea's cold-wallet custody requirements under the user protection law all stay unchanged domestically. The competitive rationale is stark. Upbit holds 68.7% of the Korean market, more than double Bithumb's 27.2%, and briefly hit #2# globally by spot volume in 2023. But regulatory constraints kept it undervalued internationally, current volume is only about 11% of Binance's, and Upbit dropped from top-4 globally by 24h volume at end of 2025 to 26th by late January. Listing in the US is partly about finally getting priced like the exchange its domestic numbers suggest it should be. Two separate risk factors remain, one on each side. In Korea, the FTC merger review is targeting year-end completion, and Naver's ongoing appeal of its ₩200M antitrust fine looks less likely to be a disqualifying factor now that Korea's revised financial information act (effective Aug 20) includes a materiality carve-out. The bigger domestic risk is the share buyback threshold, dissenting shareholders can demand buybacks at ₩439,252/share between Nov 19 and Dec 9, and the deal has a built-in escape clause if total buyback claims exceed ₩1.2T, a real risk given retail holds over ₩3.5T in shares.