# Upbit

> Source: https://docs.barcoder.ai/docs/wallets/upbit
> research date 2026-06-01 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Upbit — official](https://upbit.com/)

## Key details

- **Launch:** 2017

## Overview
**Upbit** is **South Korea's dominant cryptocurrency exchange by trading volume**, operated by fintech company Dunamu and tightly integrated with Korea's real-name bank-account verification regime <sup>[1][1], [2][2], [Korea, Republic of report](https://docs.barcoder.ai/docs/payments/KR)</sup>. It consistently ranks among the world's largest spot exchanges and anchors the Korean won crypto market.

## History
**2017 — Upbit launched** by Dunamu in partnership with US exchange Bittrex, rapidly becoming Korea's leading venue.
**2018–2020 — grows to dominate Korean crypto volume**, integrating bank real-name accounts (later via K-Bank) to comply with Korean rules.
**2021 — registers as a VASP under the Specific Financial Information Act** with Korea's Financial Intelligence Unit (KoFIU).
**2022–2024 — expands abroad** with Upbit Singapore, Thailand and Indonesia operations.
**2024–2025 — faces and works through regulatory reviews** of its market dominance and KYC compliance while remaining the market leader.

## Ownership & operator
**Operating entity**: **Dunamu Inc.** (Seoul, South Korea).
**Major shareholders**: **founder/chairman Song Chi-hyung and the Dunamu founding team**, with strategic stakes held by **Kakao** and **Woori Technology Investment**.
**Regulators**: **South Korea's Financial Services Commission (FSC)** and **Financial Intelligence Unit (KoFIU)** for VASP registration.

## Technical integration
Mobile and web apps with a trading API. Supports BTC, ETH and a large roster of tokens via crypto deposit addresses. Korean won funding/withdrawal requires a real-name verified bank account (historically with K-Bank), reflecting Korea's strict KYC rules.

## Implementations & partners
**Major competitors**: [Binance](https://docs.barcoder.ai/docs/wallets/binance) (global exchange) + [Coinbase](https://docs.barcoder.ai/docs/wallets/coinbase) (global exchange) + [K Bank Korea](https://docs.barcoder.ai/docs/wallets/k-bank-korea) (banking partner for fiat) and other Korean exchanges.

## Status
**Active, South Korea's leading crypto exchange and a top-ranked global spot venue** <sup>[1][1], [2][2]</sup>.

## Sources

[1]: https://upbit.com/ "Upbit — official"
[2]: https://en.wikipedia.org/wiki/Upbit "Upbit — Wikipedia"
[kr-cro]: https://docs.barcoder.ai/docs/payments/KR

- [1] [Upbit — official][1]
- [2] [Upbit — Wikipedia][2]
- <sup>[Korea, Republic of report](https://docs.barcoder.ai/docs/payments/KR)</sup> In-corpus: `reports/countries/KR-south-korea.md`

## Source

Biography extracted from [upbit.md](https://docs.barcoder.ai/source/wallets/upbit). See `matrix.md` for standards-support matrix if present.