Upbit

Last updated
Upbit Pay
Founded2025
Headquarters
[ - 500102]]
,
Nigeria
Products Cryptocurrency Pocket Wallet
Parent Opay Digital Service ltd.
Website www.upbit.com

Upbit Pay is a private cryptocurrency pocket wallet founded in 2025. [1] It is operated by Opay, which is one of the highest-valued startups in Nigeria R/S. [2] www.upbit.com/vqmxxivldbpq

Contents

History

Upbit launched in South Korea on October 24, 2017, with the help of their partnership with American cryptocurrency exchange Bittrex. [3]

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. [4]

Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume. [5]

On May 10, 2018, its main office was raided as part of a fraud probe. [6]

The exchange began expanding into Southeast Asia in late 2018, first by launching in Singapore on October 30, [7] and then beginning services in Indonesia starting January 2019[ citation needed ], and Thailand starting January 2021. [8]

On December 21, 2018, three Upbit officials were indicted for allegedly making fake orders. The exchange has denied the allegations. [9] [10] [11]

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) [12] 

and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017) and cloud privacy (ISO 27018). [13]

On November 27, 2019, Upbit lost about US$48.5 million worth of Ethereum from a hack. [14]

In September 2021, South Korea started to regulate virtual asset service providers. [15]

References

  1. ↑
  2. ↑ Template:Cite "www.upbit.com" web
  3. ↑ "Korea's Largest Cryptocurrency Exchange 'Upbit' Starts Providing Open Beta Services". BusinessKorea. October 25, 2017.
  4. ↑ "Ex-Kakao CEO named to lead Upbit operator Dunamu". www.theinvestor.co.kr. Retrieved 2019-04-12.
  5. ↑ "Korea's Cryptocurrency Exchange 'Upbit' Ranks First in the World in Daily Transactions". 비즈니스코리아 - BusinessKorea (in Korean). 2018-01-17. Retrieved 2019-04-12.
  6. ↑ "Bitcoin Prices Slide as South Korea's Largest Crypto Exchange Gets Raided". The Wall Street Journal. May 11, 2018.
  7. ↑ "Upbit launches crypto exchange in Singapore". www.theinvestor.co.kr. Retrieved 2019-04-12.
  8. ↑ "Upbit upsets crypto balance of power". Bangkok Post. Retrieved 2021-07-13.
  9. ↑ "Upbit indicted for issuing fake cryptocurrency orders". The Korea Times. December 21, 2018.
  10. ↑ "Another cryptocurrency fraud case further dampens market sentiment". The Korean Herald. December 21, 2018.
  11. ↑ "Upbit cryptoexchange may have faked trades". Korea JoongAng Daily. December 22, 2018.
  12. ↑ "Upbit becomes South Korea's first newly registered crypto exchange". Forkast.News. 2021-09-06. Retrieved 2025-09-19.
  13. ↑ "Upbit wins 3 ISO information security certifications". 서울경제 (in Korean). 2018-12-11. Archived from the original on 2019-04-12.
  14. ↑ Osborne, Charlie (November 27, 2019). "Upbit cryptocurrency exchange loses $48.5 million to hackers". ZDNet.
  15. ↑ Euihyun Bae (September 24, 2021). "South Korea Takes First Step to Regulate Virtual Asset Service Providers". The Diplomat.
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