Upbit is a South Korean centralized exchange (CEX) that provides access to over 180 cryptocurrencies, an NFT marketplace, and staking services. ^{[1] [4] [5]}

Overview

Upbit, established in South Korea in 2017, is a cryptocurrency exchange that provides access to over 180 cryptocurrencies and 300 trading pairs. It operates in South Korea and other Asian markets, including Singapore, Indonesia, and Thailand.Its ecosystem comprises an exchange, an NFT marketplace, and staking services. Upbit aims to uphold security standards through certifications like ISMS-P and ISO/IEC and uses systems for monitoring transactions. Educational support is available through its Upbit Care Centre. Upbit was founded by Song Chi-hyung, who leads its parent company, Dunamu. ^{[16] [20] [21]}

History

2017

Upbit was established in October 2017 by Kakao in partnership with Bittrex to support cryptocurrency trading. It launched with over 100 altcoins, the most among Korean exchanges at the time. ^{[2] [4]}

2018

In March 2018, Upbit introduced Korea’s first cryptocurrency index, the Upbit Crypto Index (UBCI). In May, it was investigated for allegations of selling cryptocurrencies it did not hold, though operations continued. In September, it hosted the first Upbit Developer Conference (UDC), which became an annual event. By December, Upbit obtained certifications for information and cloud security compliance. ^{[3] [6] [7] [17]}

2019

In 2019, Upbit launched "Stockplus Unlisted," a platform designed to facilitate trading in unlisted stocks, and organized the Upbit Developer Conference (UDC) 2019. Lambda256 was spun off, and the blockchain service platform Luniverse was officially introduced. ^[22]

2020

Upbit hosted UDC 2020 and expanded Stockplus with a U.S. stock trading service. Stockplus Unlisted was recognized as an "Innovative Financial Service" by the Financial Services Commission and underwent an update to version 2.0. ^[22]

2021

In August 2021, Upbit registered with South Korea's Financial Intelligence Unit (FIU), meeting requirements such as real-name verification partnerships. In September, it gained Virtual Asset Service Provider (VASP) certification and implemented stricter identity verification under anti-money laundering regulations. ^{[8] [18] [19]}

2022

Upbit introduced an independent login system and hosted the Upbit Developer Conference (UDC) 2022. It disclosed Dunamu's information security status and obtained ISMS certifications for Stockplus services. The "Upbit Staking" service was launched to enhance staking capabilities. ^[22]

2023

Upbit upgraded its settlement engine to process larger transaction volumes and received ISO 22301 certification for business continuity. Dunamu implemented a new anti-money laundering system and introduced the AI service "Woodi." The Upbit Developer Conference (UDC) 2023 was held, and Dunamu was recognized for its suspicious transaction reporting efforts. Dunamu also partnered with SSC Napoli for promotional purposes. ^[22]

Features

Upbit provides tools for cryptocurrency trading and asset management, including real-time market data, charts, and a mobile app for convenient account access. The Upbit Open API allows users to integrate platform functions like asset viewing, order management, and withdrawals, supporting developers in creating applications. Security features, including two-step verification, a firewall, withdrawal passwords, and 24/7 monitoring, aim to protect user assets and ensure reliability. ^{[9] [21]}

Products

Upbit App

Upbit provides a mobile app for Android and iPhone, which aims to facilitate the trading of digital assets. The app includes features like real-time price updates and push notifications for price alerts, allowing users to manage their trades and monitor market changes on the go. ^[20]

Upbit Hot wallet

Upbit provides a hot wallet intended for storing digital assets. The wallet is designed to align with applications within the Kakao Corp ecosystem, aiming to facilitate asset management for users. ^[20]

Upbit Lounge

Upbit provides the Upbit Lounge, a physical location in Seoul, South Korea, designed to facilitate customer consultations and interactions. Located near Gangnam Station, the space aims to offer in-person support for users. ^[20]

Upbit Developer Conference(UDC)

The Upbit Developer Conference (UDC) is the largest blockchain conference in Korea. The global blockchain conference is hosted by Dunamu Inc. and is designed to further facilitate and expand the blockchain ecosystem.Since its first conference held in 2018, the UDC has transformed from a developer-centered meeting into one of the most awaited international conferences for developers, industry professionals, experts, students, and enthusiasts interested in blockchain technology. ^[7]

UDC 2018

Upbit Developer Conference 2018 lasted from September 13-14. 2018 in Jeju Island with the slogan "Proof of Developer," and was focused on promoting the latest blockchain technology. ^[10]

UDC 2019

Upbit Developer Conference 2019 (UDC 2019) was held on September 4-5, 2019 in South Korea’s Grand Hyatt Incheon with the theme ‘Proof of Services’. The event featured in-depth presentations on how various platforms, solutions, and services are bringing blockchain technology into the mainstream. ^[11]

UDC 2020

UDC 2020 was a five-day online-only event geared towards blockchain developers and was broadcasted via the official UDC YouTube channel. UDC 2020 was themed 'return blockchain future; (Solving the Future with Blockchain)’, with the coding term ‘return’ representing the conference’s focus on the value blockchain technology will bring in the future. ^[12]

UDC 2021

The 4th Upbit Developer Conference (UDC 2021) hosted by Dunamu Inc. was held in Seoul under the theme of ‘Welcome to the BlockchainWorld’. UDC 2021 was a two-day conference held online that covered the growing blockchain industry. The event received 8,000 preregistrations and around 65,000 total views. ^[13]

UDC 2022

UDC 2022, a two-day event hosted by Dunamu, the operator of South Korean crypto exchange Upbit, was held at the Busan Port International Exhibition ＆ Convention Center in person after two years of pandemic disruptions. The theme of the 2022 event was “Imaging Your BlockchainLife” and covered popular blockchain topics including non-fungible tokens, the metaverse, Web3, and smart contracts. ^[14]

UDC 2023

The Upbit D Conference (UDC) 2023, held on November 13, was rebranded by Dunamu to emphasize the expanding influence of blockchain across multiple sectors. With the slogan "All That Blockchain," the event aimed to provide insights from 39 experts on eight key developments in the blockchain space. ^[23]

Controversies

2019 Crypto Theft

In 2019, Upbit experienced a security breach involving the theft of 342,000 Ethereum tokens, valued at 58 billion won. South Korean authorities identified North Korean hacker groups Lazarus and Andariel as responsible, based on transaction patterns and other evidence. A portion of the stolen assets was converted and laundered through international exchanges, with a small amount later recovered and returned. ^[24]

2024 Alleged KYC Violations

Upbit is under investigation by South Korean regulators for alleged shortcomings in adhering to Know Your Customer (KYC) requirements, involving up to 600,000 accounts. The Financial Intelligence Unit (FIU) aims to address concerns regarding compliance with anti-money laundering (AML) standards. Potential outcomes include fines and implications for the renewal of Upbit's operating license, reflecting increased regulatory focus on cryptocurrency exchanges in South Korea. ^[25]