Upbit


Upbit is a South Korean cryptocurrency exchange.It was founded in 2017.

History

Upbit launched in South Korea on October 24, 2017 with the help of their partnership with American cryptocurrency exchange Bittrex.
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.
Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume.
On May 10, 2018 its main office was raided as part of a fraud probe.
The exchange began expanding into Southeast Asia in late 2018, first by launching in Singapore on October 30, and then beginning services in Indonesia starting January 2019.
On December 21, 2018 three Upbit officials were indicted for allegedly making fake orders. The exchange has denied the allegations.
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 and the International Organization for Standardization for information security, cloud security and cloud privacy.
Upbit ranked third globally and first in Korea in the April Market Surveillance Report published by the on April 12, 2019. The ranking is based on 24-hour trading volume. BTI also recognized Upbit as a BTI Verified exchange, indicating that it is among the cleanest exchanges in BTI’s global ranking.
On November 27, 2019 Upbit lost about $48.5 million USD worth of Ethereum from a hack.