Dunamu completes U.S. accounting shift as it pursues Nasdaq listing

Dunamu, the operator of South Korean crypto exchange Upbit, has completed practical preparations for a U.S. listing, including a recent switch of its financial statements to U.S. GAAP, The Chosun Daily reported, citing investment banking industry sources today. The company is pursuing a U.S. listing without relocating the entire business to the United States, according to the report. Sources said Dunamu has ruled out a “flip” structure under which it would set up a U.S. holding company and place the South Korean entity under it as a subsidiary. In such a structure, existing shareholders would exchange shares in the South Korean entity for shares in the U.S. holding company.