31/03/2025
Headlines

Upbit’s Parent Dunamu Triples Dividends on 85% Profit Growth

editor05 mins

Upbit: A Resilient Crypto Giant in South Korea

Introduction

In the bustling world of cryptocurrency, one exchange has consistently stood out amidst regulatory challenges: Upbit, South Korea’s crypto powerhouse. Despite facing hurdles, Upbit’s parent company, Dunamu, has witnessed a staggering 85.1% surge in operating profit to a whopping 1.19 trillion won (approx. $1 billion) in 2024 [1][2]. Let’s delve into the story of this resilient crypto giant.

Upbit: A Brief Background

Launched in 2017, Upbit is operated by Dunamu, one of South Korea’s most valuable startups. The exchange offers a wide array of cryptocurrencies, including Bitcoin, Ethereum, and Ripple, and supports trading in Korean won (KRW), making it a popular choice among South Korean investors [9].

Navigating Regulatory Storms

Upbit’s journey has not been smooth sailing. The exchange has weathered several regulatory storms:

The 2021 AML Storm

In 2021, the Financial Services Commission (FSC) ordered Upbit to halt operations for three months due to alleged anti-money laundering (AML) violations [6]. Dunamu challenged the decision, and the court eventually lifted the ban [7].

The 2024 FIU Ban

In 2024, the Financial Intelligence Unit (FIU) imposed a 30-day ban on Upbit’s operations [6]. Once again, Dunamu fought back, and the court suspended the ban [7].

Thriving Despite Hurdles

Despite these regulatory setbacks, Upbit has continued to flourish. Dunamu’s operating profit surged by 85.1% in 2024, primarily due to the U.S.’s pro-crypto policies boosting the global crypto market [1].

Upbit’s Impact on the Crypto Market

Upbit’s success has significantly influenced the global cryptocurrency market:

Driving South Korea’s Crypto Market Growth

As one of South Korea’s largest crypto exchanges, Upbit has played a pivotal role in driving the country’s digital asset market growth. Today, South Korea ranks third globally in crypto market size, behind only the U.S. and Japan [1].

Boosting Crypto Prices

Upbit’s success has positively impacted various cryptocurrencies’ prices. For instance, Doland Tremp (TREMP) trading volume increased by 8.20% in the last 24 hours [3]. Meanwhile, Neutaro (NTMPI) has seen a steady rise in market cap and trading volume [5].

Conclusion: Upbit’s Resilience and Future

Upbit’s story is one of resilience and determination in the face of regulatory challenges. Despite setbacks, the exchange has continued to thrive, benefiting both investors and the broader crypto ecosystem. As the crypto market evolves, Upbit is poised to remain a major player, shaping the future of South Korea’s digital asset landscape.

Sources

  • [9] Upbit (Wikipedia)

    • Related News