Upbit

Upbit is a South Korean cryptocurrency exchange founded in 2017.[1] It is operated by Dunamu, which is one of the highest-valued startups in South Korea.[2]

Upbit
Founded2017
Headquarters
Seoul
,
South Korea
ProductsCryptocurrency exchange
ParentDunamu Inc.
Websitewww.upbit.com

History

Upbit launched in South Korea on October 24, 2017, with the help of their partnership with American cryptocurrency exchange Bittrex.[1]

Sirgoo Lee was named CEO of Dunamu, Upbit's parent company, on December 21, 2017, with Dunamu founder and CEO Chi-hyung Song assuming the role of chairman. Lee previously served as Co-CEO of Kakao Corp. and JOINS, Inc.[3]

Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume.[4]

On May 10, 2018, its main office was raided as part of a fraud probe.[5]

The exchange began expanding into Southeast Asia in late 2018, first by launching in Singapore on October 30,[6] and then beginning services in Indonesia starting January 2019, and Thailand starting January 2021.[7]

On December 21, 2018, three Upbit officials were indicted for allegedly making fake orders. The exchange has denied the allegations.[8][9][10]

In December 2018, Upbit became the first cryptocurrency exchange in the world to receive certifications from the Korea Internet and Security Agency for Information Security Management System (ISMS) and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017) and cloud privacy (ISO 27018).[11]

On November 27, 2019, Upbit lost about US$48.5 million worth of Ethereum from a hack.[12]

In September 2021, South Korea started to regulate virtual asset service providers.[13]

References
  1. "Korea's Largest Cryptocurrency Exchange 'Upbit' Starts Providing Open Beta Services". BusinessKorea. October 25, 2017.
  2. Kang, John. "NFT Craze, Cryptocurrency Boom Mint Korea's First Two Billionaires From Crypto Industry". Forbes. Retrieved 2021-11-13.
  3. "Ex-Kakao CEO named to lead Upbit operator Dunamu". www.theinvestor.co.kr. Retrieved 2019-04-12.
  4. "Korea's Cryptocurrency Exchange 'Upbit' Ranks First in the World in Daily Transactions". 비즈니스코리아 - BusinessKorea (in Korean). 2018-01-17. Retrieved 2019-04-12.
  5. "Bitcoin Prices Slide as South Korea's Largest Crypto Exchange Gets Raided". The Wall Street Journal. May 11, 2018.
  6. "Upbit launches crypto exchange in Singapore". www.theinvestor.co.kr. Retrieved 2019-04-12.
  7. "Upbit upsets crypto balance of power". Bangkok Post. Retrieved 2021-07-13.
  8. "Upbit indicted for issuing fake cryptocurrency orders". The Korea Times. December 21, 2018.
  9. "Another cryptocurrency fraud case further dampens market sentiment". The Korean Herald. December 21, 2018.
  10. "Upbit cryptoexchange may have faked trades". Korea JoongAng Daily. December 22, 2018.
  11. "Upbit wins 3 ISO information security certifications". 서울경제 (in Korean). 2018-12-11. Archived from the original on 2019-04-12.
  12. Osborne, Charlie (November 27, 2019). "Upbit cryptocurrency exchange loses $48.5 million to hackers". ZDNet.
  13. Euihyun Bae (September 24, 2021). "South Korea Takes First Step to Regulate Virtual Asset Service Providers". The Diplomat.
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