About Upbit

What Is Upbit?

Currently, Upbit Is The Largest Cryptocurrency Exchange In South Korea By Trading Volume. Users Can Trade Multiple Cryptocurrency And Bitcoin Pairs In South Korean Won (KRW) On The Platform. The Company Has Shown Exponential Growth Within Three Months Of Its Launch, Thanks To The Help Of Its US Partner Bittrex Cryptocurrency Exchange.

One Of The Unique Features Of The Exchange Is That Currency Trading Can Be Conducted Through The Kakao Stock Platform (the Kakao Stock Platform Is Built On KakaoTalk Messenger). This Allows Korean Users To Easily Trade Digital Assets As Easily As Using A Messaging App.

At The Peak Of The Crypto Boom In December 2017, The Average Daily Trading Volume Of The Platform Reached $4.50 Billion, With A Single-day Record Of $11 Billion.

Who Is The Founder Of Upbit?

Song Chi-Hyung Is The CEO Of Dunamu And The Founder Of Upbit. He Is One Of The Richest People In South Korea. Through Its Holding Company Danamu, Upbit Received Investment From Web Giant Kakao And Partnered With Bittrex In The US In October 2017.

Song Holds A Bachelor's Degree In Calculator Science And Economics And Worked For An IT Company In The Late 1990s.

When Was Upbit Launched?

The Online Trading Platform Went Live On October 24, 2017.

Where Is Upbit Located?

The Company Is Headquartered In Seoul, South Korea. However, The Company Began Expanding Into Southeast Asia At The End Of 2018, Opening A Branch In Singapore On October 30. Subsequent Locations Also Include Indonesia And Thailand.

Countries Where Upbit Is Restricted

The Exchange Does Not Serve Users Within The United States. Countries On The Active Sanctions Program List, As Well As Users Listed In FAFT's High-risk Jurisdictions, Are Also Unable To Use The Service.

What Currencies Can Upbit Support?

All Over 170 Crypto Tokens And 288 Trading Pairs Are Currently Being Traded.

What Are The Fees For Upbit?

While Exchanges Do Not Charge Any Current Fees, Withdrawal Fees Generally Vary Depending On The Type Of Cryptocurrency Being Withdrawn. It Has The Same Transaction Fees As Most Exchanges In South Korea, With A 0.25% Fee For Both Pending And Eating Orders.

Can I Use Leverage Or Margin Trading On Upbit?

As Of October 2022, The Platform Does Not Support Margin Trading.

Upbit Was Launched In South Korea On October 24, 2017 With The Help Of A Partnership With US Cryptocurrency Exchange Bittrex.

Sirgoo Lee Was Appointed CEO Of Dunamu, Upbit's Parent Company, On December 21, 2017, With Chi-hyung Song, Founder And CEO Of Dunamu, Serving As Chairperson. Lee Previously Served As Kakao Corp. And JOINS, Inc. About Two Months After The Co-CEO Of

Went Live, Upbit Became The Number One Cryptocurrency Exchange In The World By 24-hour Trading Volume.

On May 10, 2018, Its Main Office Was Raided As Part Of A Fraud Investigation.

The Exchange Began Its Expansion Into Southeast Asia In Late 2018, First Launching In Singapore On October 30, Then Starting Services In Indonesia In January 2019 [citation Needed] And In Thailand In January 2021.

On December 21, 2018, Three Upbit Executives Were Indicted For Allegedly Making Fake Orders. The Exchange Denied The Allegations.

In December 2018, Upbit Became The First Cryptocurrency Exchange In The World To Obtain The Korea Internet Security Agency Information Security Management System (ISMS) [citation Needed] And International Standards Organization (ISO) Information Security Certification (ISO 27001) Certification), Cloud Security (ISO 27017) And Cloud Privacy (ISO 27018).

On November 27, 2019, Upbit Lost About $48.50 Million Worth Of Ethereum Due To A Hack.

In September 2021, South Korea Began To Regulate Virtual Asset Service Providers.