Upbit

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    Upbit founders join billionaire ranks after $13.6B Naver merger
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  • Chaos erupted in Phnom Penh as Huione Pay halted operations and froze user withdrawals.

    Chaos erupted in Phnom Penh as Huione Pay halted operations and froze user withdrawals
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  • Crypto lost $127M to exploits, hacks and scams in November
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  • Upbit to resume services December 1 after $37M hack

    Upbit to resume services December 1 after $37M hack
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  • The Upbit hacker launders funds through Railgun, passing the mixer’s proof of innocence
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  • South Korea's Upbit wallets hacked, $36 million in Solana-based assets lost

    South Korea’s Upbit wallets hacked, $36 million in Solana-based assets lost
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  • Upbit considers appeal as South Korean regulators bring hammer down

    Upbit considers appeal as South Korean regulators bring hammer down
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  • Naver Financial to launch a coin wallet amid Upbit merger

    Naver Financial to launch a coin wallet amid Upbit merger
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  • South Korea’s Upbit parent Dunamu's eyes Nasdaq IPO

    South Korea’s Upbit parent Dunamu’s eyes Nasdaq IPO
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  • Upbit adds MON as trading pairs go live in South Korea
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  • South Korean exchanges are facing mounting earnings pressure as a sharp market decline has stalled trading volumes. In a statement shared by industry officials on Sunday, the slump marks a stark reversal of fortunes from the third quarter, where soaring crypto prices triggered record profits. According to disclosures filed with the Financial Supervisory Services, Dunamu, operator of Upbit, posted 235.3 billion won ($161.7 million) in operating profits. The figure represents an increase of 180% from a year earlier. The firm’s revenue jumped by 104% to 385.9 billion won, while net income quadrupled to 239 billion won. Bithumb also experienced a surge, seeing its operating profits rise eightfold to 70.1 billion won. Revenue increased by 184% to 196 billion won, while net income hit 105.4 billion won, representing a 34-fold rise. Korean exchanges face earnings pressure According to reports, both Upbit and Bithumb attributed their strong quarter to the rebound in the prices of digital assets and a rise in trading activity. Market sentiment also appeared to improve on signs of United States legislative progress, including the approval of the Guiding and Establishing National Innovation for United States Stablecoins Act, also known as the GENIUS Act. In addition, the sentiment was also lifted by Ethereum’s rally and the growing expectation of a US Federal Reserve interest rate cut. However, momentum has since stalled. Bitcoin slid below $95,000 on Saturday, its lowest level in the past six months and 25% off its October 6 peak of $126,210. The market has now moved to an extreme fear territory, according to market tracker CoinMarketCap. A few of the headwinds escalating things include the persistent trade tensions between the United States and China, fading hopes for the Fed’s rate cut next month, and a $100 million Ethereum hacking incident that is affecting investor confidence. Some traders are presently questioning whether a new crypto winter is beginning, as a result of the drying trading activity. Exchanges remain at the mercy of volatility According to CoinGecko, the combined daily average trading volume on Upbit and Bithumb stood around $1.88 billion from November 1 through Friday, the lowest level so far since the beginning of this year. The figure peaked at $7.8 billion in January, bottomed out at $2.2 billion in June, and has since been hovering between the $3 billion and $4 billion mark. These developments are expected to deliver a significant blow to the operations of domestic cryptocurrency exchanges. Trading fees make up most of their revenue, 98.2% for Dunamu and 98.3% for Bithumb. In response to the shortfall, these exchanges have been rushing to list new digital assets in an effort to keep their investors engaged. In a report from digital analytics platform APYWA, from January 1 to Friday, Korea's top five exchanges, Korbit, Coinone, GOPAX, Upbit, and Bithumb, have all listed about 391 tokens, up 47% from all of 2024. In the report, the platform mentioned that the exchanges accelerated the pace of their listings in the second half of the year. Still, it reports that volumes have remained weak as the market trades sideways. "Without alternative revenue streams, exchanges will remain at the mercy of market volatility," an industry official said. "While the phased approval of corporate participation in the crypto market is seen as a positive signal, long-term sustainability will require regulatory reforms that allow for greater business diversification.” It remains to be seen how these exchanges hope to trigger a shift in trading activities, as they hope that digital assets return to winning ways.

    Korean crypto exchanges face earnings pressure as trading volumes stall
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  • South Korea’s fight against crypto crime exposes glaring AML gaps

    South Korea’s fight against crypto crime exposes glaring AML gaps
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  • South Korean regulators hit Dunamu, Upbit operator with $24M fine 

    South Korean regulators hit Dunamu, Upbit operator with $24M fine 
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  • Binance cleared to take majority stake in GOPAX
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  • South Korea to join OECD’s crypto-asset reporting framework.

    South Korea to join OECD’s crypto-asset reporting framework
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  • Vietnam‘s first crypto exchange set to launch under Dunamu, MB Bank collaboration.

    Vietnam‘s first crypto exchange set to launch under Dunamu, MB Bank collaboration
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  • South Korea launches probe into crypto exchange fee structures

    South Korea launches probe into crypto exchange fee structures
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  • South Korea executes first institutional crypto sale as it begins to lift ban

    South Korea executes first institutional crypto sale as it begins to lift ban
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