upbit

About

Upbit is a South Korean cryptocurrency exchange launched in 2017 by fintech firm Dunamu, in partnership with Bittrex. Founded by Song Chi-hyung, the platform is known for its high liquidity, strong security, wide range of digital assets, and deep regional adoption, especially in Korean Won (KRW). Upbit is designed for both beginners and professional traders with a strong focus on safety and compliance. Key Features of Upbit: • Users can trade multiple cryptocurrencies, including Bitcoin, Ethereum, and many others. • Enables users to stake certain coins and earn passive revenue from staking or yield farming. • Order books, market data, and historical analytics to help users make informed trading decisions. • Offers strong security features like 2FA and safe wallet storage. Upbit Milestones Year Key Achievements 2017 Launched in October by Dunamu in partnership with Bittrex, listing over 110+ altcoins. Within two months, it became the world’s #1 exchange by 24-hour volume. 2018 Hosted the first Upbit Developer Conference (UDC). In December, became the first to receive Korea Internet & Security Agency (KISA) ISMS certification, alongside ISO 27001, 27017, and 27018. 2019 A hot wallet breach occurred in November, involving 342,000 ETH (approx. $58M at the time). Upbit covered 100% of user losses using company funds. 2020 Shifted to a “High-Trust” model, launched the Upbit Care Center, and strictly implemented Travel Rule compliance. 2021 Became the first exchange to register as a VASP with Korea’s FIU and launched Upbit NFT with HYBE (BTS) and JYP Entertainment. 2022-2023 Rolled out Staking 2.0 for ETH and SOL, introduced an independent login system, blocked 100,000+ hack attempts, and received ISO 22301 certification. 2024-2025 Stayed among the top global exchanges for XRP and SOL trading volume. During a $36M Solana exploit, Upbit quickly froze assets, fully reimbursed users, and moved 95% of funds to multi-signature cold storage. Upbit 2026 Updates • • GoChain (GO) Investment Warning Upbit issued an Investment Warning for GoChain (GO) due to declining development activity and network usage. The exchange added stricter disclosures and trading limits to protect retail investors. • iExec (RLC) Supply Expansion Upbit approved a 7.4% circulating supply increase for iExec (RLC), adding 6M tokens after a request from the project team to improve liquidity and ecosystem growth. • FLOW Delisting Announcement Upbit announced the delisting of FLOW/KRW and FLOW/BTC pairs, effective March 16, 2026, due to security issues. This led to a legal challenge from the Flow Foundation against Upbit and the DAXA alliance. • Definitive (EDGE) Strategic Listing Upbit listed Definitive (EDGE) with KRW, BTC, and USDT trading pairs. The project focuses on verifiable data integrity, a sector gaining attention under Korea’s regulatory climate. • XRP Trading Volume Surge Heatmap data showed Upbit becoming the #1 global exchange for XRP trading volume, overtaking Binance and Coinbase, driven by strong demand from Korean traders. • FSC Equity Cap Response After the Financial Services Commission (FSC) proposed a 20% ownership cap, Chairman Song Chi-hyung (holding ~25.5%) will reduce equity during a three-year grace period as Upbit restructures into a public utility-style entity.

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