Upbit History and Latest News Updates

Upbit was founded in 2017 by Korean entrepreneur Lee Seok-yoon. It has since become one of the largest cryptocurrency exchanges in South Korea.

Upbit's parent company, Dunamu, was established in 2014. Dunamu is a technology company that focuses on fintech and blockchain development.

Upbit's headquarters are located in Seoul, South Korea. The exchange has also expanded to other countries in Asia, including Singapore and Indonesia.

In 2020, Upbit was acquired by Dunamu for a reported $1.5 billion. This acquisition marked a significant milestone for the exchange.

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Upbit is currently the largest cryptocurrency exchange in Korea by trading volume.

It allows customers to trade Korean won (KRW) for various cryptocurrencies and Bitcoin pairs on its platform.

The company experienced exponential growth just three months after its launch, thanks to the help of its US partner, Bittrex.

One of its unique features is the option to trade currencies through the Kakao Stock platform, which is built into the KakaoTalk messenger app.

This makes it possible for Korean users to trade digital assets as easily as sending a message.

At the height of the 2017 cryptocurrency craze, Upbit's average daily trading volume reached as high as $4.5 billion, with a record high of $11 billion in a single day.

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Upbit has certain restrictions in place for its users.

Customers residing in countries that are part of the active sanction program are prohibited from using the exchange.

Residents of the United States are also unable to access the exchange.

FAFT's high-risk jurisdiction customers are also restricted from using Upbit's services.

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Upbit is a popular cryptocurrency exchange with a wide range of options for traders.

The exchange currently supports over 170 different cryptocurrencies, offering a diverse selection for investors.

You can trade these cryptocurrencies with each other, with a total of 288 possible trading pairs.

This means you have a lot of flexibility in choosing which coins to buy and sell.

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Upbit is a South Korean cryptocurrency exchange that was launched in 2017 by the company Dunamu, which was founded in 2012.

The exchange was launched after Dunamu's experience in developing and operating a stock trading service called 'Kakao Stock' in 2014.

Upbit partnered with Bittrex, a global cryptocurrency exchange, to offer a wide range of cryptocurrencies, with over 100 types available for trading.

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This was a significant advantage over other exchanges, which typically offered only 10 to 30 types of cryptocurrencies.

Users can easily create an account and log in using their KakaoTalk account, which is a major convenience.

Kakao, the parent company of Dunamu, holds an 8.8% stake in Dunamu, while other investors, including Kakao's venture arm, Cube Ventures, and Kakao's youth startup fund, hold smaller stakes.

The exchange offers 24-hour real-time trading through its PC and mobile app, and users can monitor and trade their accounts at any time.

Upbit has faced several incidents that have affected its reputation and operations.

In 2019, Upbit was involved in a cryptocurrency exchange hack that resulted in the loss of over $50 million worth of cryptocurrencies.

The exchange was hacked on January 31, 2019, and the attackers stole a large amount of cryptocurrencies including Ethereum, Bitcoin, and others.

Upbit was able to recover some of the stolen funds and returned them to the affected users.

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The incident led to a significant loss of trust in the exchange and it was eventually forced to shut down its operations in Japan.

However, the exchange was able to recover and has since become one of the largest cryptocurrency exchanges in South Korea.

Despite the incident, Upbit has continued to grow and expand its operations, and it is now one of the most popular cryptocurrency exchanges in the country.

The exchange has implemented various security measures to prevent similar incidents from happening in the future.

Upbit has also been involved in several other incidents, including a lawsuit filed against it by a group of investors who claimed that the exchange had mishandled their funds.

However, the exchange has denied any wrongdoing and the lawsuit is still ongoing.

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Upbit launched in South Korea on October 24, 2017, with the help of their partnership with American cryptocurrency exchange Bittrex.

Sirgoo Lee became the CEO of Dunamu, Upbit's parent company, on December 21, 2017, taking over from Chi-hyung Song, who assumed the role of chairman.

Upbit quickly gained popularity, becoming the top global cryptocurrency exchange in terms of 24-hour trading volume approximately two months after its launch.

On May 10, 2018, the exchange's main office was raided as part of a fraud probe.

Upbit began expanding into Southeast Asia in late 2018, starting with a launch in Singapore on October 30.

In December 2018, three Upbit officials were indicted for allegedly making fake orders, a claim the exchange has denied.

Upbit received certifications from the Korea Internet and Security Agency for Information Security Management System (ISMS) and the International Organization for Standardization (ISO) for information security, cloud security, and cloud privacy in December 2018.

In November 2019, the exchange lost about US$48.5 million worth of Ethereum from a hack.

South Korea started regulating virtual asset service providers in September 2021.

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Upbit has been making headlines with its recent listing announcements, which have sent some tokens soaring. COW, for example, leapt nearly 50% after being listed on Upbit's BTC, Korean won, and Tether markets.

JTO also saw a significant increase of nearly 30% after being listed on Upbit. This is a clear indication of the impact that Upbit's listings can have on a token's price.

Upbit's listing of VeThor token led to a trading volume explosion of 88,000%. This is a staggering increase that highlights the potential for significant price movements in the cryptocurrency market.

The exchange has also been in the news for its rule violations, with 700,000 infractions potentially costing billions in fines under South Korea's crackdown. This is a serious issue that the exchange is facing.

Berachain debuted on South Korean Upbit and Bithumb on February 6, marking its entry into the cryptocurrency market. This is an exciting development for the token and its investors.

Upbit has also been involved in a compensation case with Bithumb, with both exchanges agreeing to pay the largest ever compensation for system failures during martial law. This is a significant step towards resolving the issue and providing relief to affected parties.

The exchange is also facing potential sanctions in South Korea due to its rule violations. This is a serious development that could have significant consequences for the exchange and its users.

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Upbit was founded by the operating company of Dunamu in 2012. They had experience developing and operating the Kakao Stock service, which integrated with KakaoTalk.

Upbit launched in South Korea in 2017, after a partnership with Bittrex, a global cryptocurrency exchange. This move quickly propelled Upbit to the top of the trading volume charts in South Korea.

One of the reasons for Upbit's success was its ability to trade over 100 cryptocurrencies without complex procedures, a unique feature at the time. This made it a popular choice among traders.

Upbit also offered a user-friendly experience, allowing users to easily set up and log in to their accounts using their KakaoTalk account.

In 2017, Upbit's daily sales reached tens of billions of won, but this trend was short-lived, and the company's sales have since been declining.