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South Korean exchange UPbit saw massive earnings growth in 2024 amid regulatory hiccups – TON BOT

South Korean exchange UPbit saw massive earnings growth in 2024 amid regulatory hiccups

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Dunamu, the parent company of UPbit, South Korea’s largest crypto exchange, saw a significant increase in earnings in 2024 despite regulatory challenges. Operating profit surged 85.1% to 1.19 trillion won, with revenue climbing 70.5% to 1.73 trillion won. The firm attributed this success to increased trading activity after Bitcoin’s halving and positive investor sentiment following Donald Trump’s election. However, regulatory issues persist, with Upbit facing scrutiny for alleged due diligence failures. The Financial Intelligence Unit imposed sanctions, but Dunamu contested the decision. A South Korean court temporarily lifted the ban, allowing the company to challenge it in court.

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