Upbit

Upbit is a centralized cryptocurrency exchange operated by Dunamu Inc. It launched in South Korea on October 24, 2017, with support from a partnership with Bittrex, and remains focused on the South Korean market while operating in parts of Southeast Asia.

Who is behind Upbit

Dunamu founder Chi-hyung Song is the company's chairman. Sirgoo Lee became Dunamu's CEO in December 2017 and has held senior roles at Kakao Corp., JOINS, Inc. and NHN USA. His earlier career included journalism and legal work, including roles at JoongAng Ilbo and IBM Korea. Dunamu is headquartered in Seoul. Naver Financial announced a plan to acquire Dunamu in November 2025.

How the exchange works

Upbit provides custodial spot trading through web and mobile applications. Its listed markets include Korean won, Bitcoin and Tether pairs, spanning about 350 coins across 514 trading pairs. Market support changes over time. Upbit scheduled Zilliqa and Sophon market support to end on November 16, 2026, while Puffer KRW trading opened on October 15, 2026.

Account access involves identity verification. Upbit also supports withdrawals between Upbit accounts through Lightning Transfer. The service has apps for iOS and Android, alongside its web platform.

Fees and costs

Fees depend on the market and jurisdiction. Reported Singapore-dollar markets charge 0.25% for both maker and taker orders, while BTC and USDT markets are reported at 0.2% for maker and taker orders. Reported withdrawal fees include 0.0005 BTC for Bitcoin and 4 USDT for Tether. Lightning Transfer between Upbit accounts is reported as free.

Availability and track record

Upbit began services in Singapore in October 2018, Indonesia in January 2019 and Thailand in January 2021. South Korean regulators licensed it as a virtual asset service provider in September 2021. Its 2019 security incident resulted in the loss of approximately $48.5 million in Ethereum and a two-week suspension of cryptocurrency deposits and withdrawals. In November 2024, South Korean authorities attributed that attack to North Korean state-sponsored groups Lazarus and Andariel.

In November 2025, Upbit disclosed unauthorized Solana-related withdrawals and a wallet software vulnerability that could have allowed private keys to be inferred from public blockchain data. Withdrawals were halted, some stolen funds were frozen, and the company said it would cover losses from its own reserves. South Korean authorities opened an investigation.

Main limitations

Upbit's custody model leaves assets under exchange control, while trading access and fiat funding depend on the relevant jurisdiction. Users also face delisting and deposit suspensions, as shown by the 2026 market-support notices. The 2019 hack and 2025 wallet incident add counterparty and operational risk. Leverage products are not part of the listed market offering.