Company:Upbit

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Short description: South Korean cryptocurrency exchange
Upbit
Founded2017
Headquarters
Seoul
,
South Korea
ProductsCryptocurrency exchange
ParentDunamu Inc.
Websitewww.upbit.com

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

History

Upbit launched in South Korea on October 24, 2017, with the help of their partnership with United States 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[citation needed], 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)[citation needed] 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. ↑ 1.0 1.1 "Korea's Largest Cryptocurrency Exchange 'Upbit' Starts Providing Open Beta Services". BusinessKorea. October 25, 2017. http://www.businesskorea.co.kr/news/articleView.html?idxno=19646. 
  2. ↑ Kang, John. "NFT Craze, Cryptocurrency Boom Mint Korea's First Two Billionaires From Crypto Industry" (in en). https://www.forbes.com/sites/johnkang/2021/11/11/nft-craze-cryptocurrency-boom-mint-koreas-first-two-billionaires-from-crypto-industry/. 
  3. ↑ "Ex-Kakao CEO named to lead Upbit operator Dunamu" (in en). http://www.theinvestor.co.kr/view.php?ud=20171221000735. 
  4. ↑ "Korea's Cryptocurrency Exchange 'Upbit' Ranks First in the World in Daily Transactions" (in ko). 2018-01-17. http://www.businesskorea.co.kr/news/articleView.html?idxno=20298. 
  5. ↑ "Bitcoin Prices Slide as South Korea's Largest Crypto Exchange Gets Raided". The Wall Street Journal. May 11, 2018. https://www.wsj.com/articles/bitcoin-prices-slide-as-south-koreas-largest-crypto-exchange-gets-raided-1526061080. 
  6. ↑ "Upbit launches crypto exchange in Singapore" (in en). http://www.theinvestor.co.kr/view.php?ud=20181031000735. 
  7. ↑ "Upbit upsets crypto balance of power" (in en). Bangkok Post. https://www.bangkokpost.com/business/2054971/upbit-upsets-crypto-balance-of-power. 
  8. ↑ "Upbit indicted for issuing fake cryptocurrency orders". The Korea Times. December 21, 2018. https://www.koreatimes.co.kr/www/nation/2018/12/488_260782.html. 
  9. ↑ "Another cryptocurrency fraud case further dampens market sentiment". The Korean Herald. December 21, 2018. http://www.koreaherald.com/view.php?ud=20181221000595. 
  10. ↑ "Upbit cryptoexchange may have faked trades". Korea JoongAng Daily. December 22, 2018. https://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3057250. 
  11. ↑ "Upbit wins 3 ISO information security certifications" (in ko). 2018-12-11. Archived from the original on 2019-04-12. https://web.archive.org/web/20190412041659/https://www.sedaily.com/NewsView/1S8F9A145Z/GA01. 
  12. ↑ Osborne, Charlie (November 27, 2019). "Upbit cryptocurrency exchange loses $48.5 million to hackers". https://www.zdnet.com/article/upbit-cryptocurrency-exchange-loses-48-5-million-to-hackers/. 
  13. ↑ Euihyun Bae (September 24, 2021). "South Korea Takes First Step to Regulate Virtual Asset Service Providers". https://thediplomat.com/2021/09/south-korea-takes-first-step-to-regulate-virtual-asset-service-providers/. 

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