Upbit
{{Short description|South Korean cryptocurrency exchange}}
{{Infobox company
| name = Upbit
| logo = UPbit Logo.svg
| foundation = 2017
| hq_location_city = Seoul
| hq_location_country = South Korea
| products = Cryptocurrency exchange
| parent = Dunamu Inc.
| homepage = {{URL|www.upbit.com}}
}}
Upbit is a South Korean cryptocurrency exchange founded in 2017. It is operated by Dunamu, which is one of the highest-valued startups in South Korea.{{Cite web|last=Kang|first=John|title=NFT Craze, Cryptocurrency Boom Mint Korea's First Two Billionaires From Crypto Industry|url=https://www.forbes.com/sites/johnkang/2021/11/11/nft-craze-cryptocurrency-boom-mint-koreas-first-two-billionaires-from-crypto-industry/|access-date=2021-11-13|website=Forbes|language=en}}
History
Upbit launched in South Korea on October 24, 2017, with the help of their partnership with American cryptocurrency exchange Bittrex.{{Cite web|url=http://www.businesskorea.co.kr/news/articleView.html?idxno=19646|title=Korea's Largest Cryptocurrency Exchange 'Upbit' Starts Providing Open Beta Services|date=October 25, 2017|work=BusinessKorea}}
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.{{Cite web|url=http://www.theinvestor.co.kr/view.php?ud=20171221000735|title=Ex-Kakao CEO named to lead Upbit operator Dunamu|website=www.theinvestor.co.kr|language=en|access-date=2019-04-12}}
Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume.{{Cite web|url=http://www.businesskorea.co.kr/news/articleView.html?idxno=20298|title=Korea's Cryptocurrency Exchange 'Upbit' Ranks First in the World in Daily Transactions|date=2018-01-17|website=비즈니스코리아 - BusinessKorea|language=ko|access-date=2019-04-12}}
On May 10, 2018, its main office was raided as part of a fraud probe.{{Cite web|url=https://www.wsj.com/articles/bitcoin-prices-slide-as-south-koreas-largest-crypto-exchange-gets-raided-1526061080|title=Bitcoin Prices Slide as South Korea's Largest Crypto Exchange Gets Raided|date=May 11, 2018|work=The Wall Street Journal}}
The exchange began expanding into Southeast Asia in late 2018, first by launching in Singapore on October 30,{{Cite web|url=http://www.theinvestor.co.kr/view.php?ud=20181031000735|title=Upbit launches crypto exchange in Singapore|website=www.theinvestor.co.kr|language=en|access-date=2019-04-12}} and then beginning services in Indonesia starting January 2019{{citation needed|date=May 2019}}, and Thailand starting January 2021.{{Cite news|url=https://www.bangkokpost.com/business/2054971/upbit-upsets-crypto-balance-of-power|title=Upbit upsets crypto balance of power|newspaper=Bangkok Post|language=en|access-date=2021-07-13}}
On December 21, 2018, three Upbit officials were indicted for allegedly making fake orders. The exchange has denied the allegations.{{Cite web|url=https://www.koreatimes.co.kr/www/nation/2018/12/488_260782.html|title=Upbit indicted for issuing fake cryptocurrency orders|date=December 21, 2018|work=The Korea Times}}{{Cite web|url=http://www.koreaherald.com/view.php?ud=20181221000595|title=Another cryptocurrency fraud case further dampens market sentiment|date=December 21, 2018|work=The Korean Herald}}{{Cite web|url=https://koreajoongangdaily.joins.com/news/article/article.aspx?aid=3057250|title=Upbit cryptoexchange may have faked trades|date=December 22, 2018|work=Korea JoongAng Daily}}
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|date=November 2021}} and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017) and cloud privacy (ISO 27018).{{Cite web|url=http://www.sedaily.com/NewsView/1S8F9A145Z/GA01|title=Upbit wins 3 ISO information security certifications|date=2018-12-11|website=서울경제|language=ko|archiveurl=https://web.archive.org/web/20190412041659/https://www.sedaily.com/NewsView/1S8F9A145Z/GA01|archivedate=2019-04-12}}
On November 27, 2019, Upbit lost about US$48.5 million worth of Ethereum from a hack.{{cite web |last1=Osborne |first1=Charlie |title=Upbit cryptocurrency exchange loses $48.5 million to hackers |url=https://www.zdnet.com/article/upbit-cryptocurrency-exchange-loses-48-5-million-to-hackers/ |website=ZDNet |date=November 27, 2019}}
In September 2021, South Korea started to regulate virtual asset service providers.{{cite web |last1=Euihyun Bae |title=South Korea Takes First Step to Regulate Virtual Asset Service Providers |url=https://thediplomat.com/2021/09/south-korea-takes-first-step-to-regulate-virtual-asset-service-providers/ |website=The Diplomat |date=September 24, 2021}}
References
{{reflist}}
External links
- {{Official website|https://www.upbit.com}}
{{Cryptocurrency exchanges}}