[Exchanges](https://revain.org/exchanges/) › Upbit

# Upbit: licences, security, fees and reviews

Centralized exchange

## In short

- **Legal entity**: 두나무 주식회사 (Dunamu Inc.)
- **Fees**: Spot maker / taker: 0.05% in the KRW market; 0.25% in the USDT market (base rates, 1 October 2026; promotional rates may apply at the time of reading).
- **Risks and caveats**: Korea's FIU has taken sanction measures against Dunamu under the Act on Reporting and Using Specified Financial Transaction Information (특정금융정보법): a partial business suspension and a fine (과태료).
- **Checked**: 28 October 2026

## Key facts

- **Type**: Centralized exchange
- **Exchange launched**: 2017
- **Country of registration**: South Korea
- **Operator**: Dunamu Inc. (두나무 주식회사)
- **Official site**: [upbit.com](https://upbit.com)

Key facts checked on 28 October 2026 against official sources and regulator registers.

## What is Upbit

Upbit is a centralised virtual asset exchange in South Korea, launched in October 2017 and operated by Dunamu Inc. (두나무 주식회사). Its spot markets include a KRW market and a USDT-quoted market, with Korean won deposits and withdrawals through K bank.

## Good to know

- Korea's FIU regime is a registration (신고) of virtual asset service providers under the 특정금융정보법, not a banking-style licence; Upbit (두나무 주식회사) is on the FIU list of registered providers as of 30 September 2026. [↗](https://www.kofiu.go.kr/kor/notification/notice_view.do?ntcnYardOrdrNo=194&seCd=0007)
- Besides Upbit's own monthly report, the exchange association DAXA publishes daily balance reconciliation results for Upbit (두나무) under its wallet best-practice rules. [↗](https://kdaxa.org/disclosure/reconciliation.php)
- Buying USDT with won (USDT/KRW pair) carries the KRW-market base fee of 0.05%; the base fee in the USDT-quoted market is 0.25% (DAXA fee comparison, as of 1 October 2026). These are base rates; promotional rates may apply at the time of reading. [↗](https://kdaxa.org/disclosure/charge.php)
- The FIU's partial business suspension, notified on 25 February 2025, was a three-month ban on virtual asset transfers by new customers; the then-CEO (이석우) received a reprimand warning and nine employees were sanctioned. [↗](https://www.fsc.go.kr/no010101/84051)
- The stated ground for that suspension: Upbit supported 44,948 virtual asset transfers with 19 foreign providers that had not registered in Korea. [↗](https://www.fsc.go.kr/no010101/84051)
- The FIU fine decided on 6 November 2025 is KRW 35.2 billion, for about 8.6 million breaches of anti-money-laundering duties. [↗](https://www.fsc.go.kr/no010101/85615)
- Interest on KRW balances (2.1% a year before tax) is paid only to members resident in Korea with valid KYC details, and the rate can be changed by the company. [↗](https://support.upbit.com/hc/ko/articles/34912547582745)
- Crypto withdrawals are delayed after KRW deposits: 72 hours after the first deposit and 24 hours after each later one; Upbit's fraud detection system may waive or vary the delay. [↗](https://support.upbit.com/hc/ko/articles/900005955686)
- A promotion announced on 28 August 2026 and extended on 11 September 2026 cuts BTC- and USDT-market fees from 0.25% to 0.05%; the base rate in those markets is 0.25%. [↗](https://upbit.com/service_center/notice?id=6527)
- Upbit's registration is with Korea's FIU; on 28 October 2026 a search of the UK FCA Financial Services Register for “Upbit” returned no results. [↗](https://register.fca.org.uk/s/search?q=upbit&type=Companies)

## Services

| Parameter | Details |
|---|---|
| Spot trading (KRW market) | Stablecoins traded for KRW: USDT, USDC, USD1, USDE, USDS, USDG, RLUSD, PYUSD, EURC and JPYC (KRW- pairs in the API market list, 28 October 2026). |
| Spot trading (USDT market) | A market quoted in USDT (28 October 2026). |
| Spot trading (BTC market) | A market quoted in BTC (28 October 2026). |
| Fiat deposits | KRW deposits and withdrawals require a linked K bank (케이뱅크) account. |
| Interest on KRW balances | Interest on KRW deposits (예치금 이용료): 2.1% a year before tax. |
| Custody / wallet (USDT) | USDT withdrawals on Ethereum, Tron, Aptos and Kaia (per-withdrawal limit table, 19 October 2026). |
| Custody / wallet (USDC) | USDC withdrawals on Ethereum, Solana and Arc (per-withdrawal limit table, 19 October 2026). |

## Licences and registrations

| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| South Korea | 두나무 주식회사 (Dunamu Inc.) | Registered virtual asset service provider (가상자산사업자); business registration no. 119-86-54968; filed 20 August 2021, accepted 6 October 2021. | [Financial Intelligence Unit (금융정보분석원, FIU)](https://www.kofiu.go.kr/kor/notification/notice_view.do?ntcnYardOrdrNo=194&seCd=0007) |

## Status in the United States and the United Kingdom

- Neither “Upbit” nor its operator Dunamu Inc. shows up in the FCA’s Financial Services Register: searches for both names returned no firm on 28 October 2026. [FCA Financial Services Register](https://register.fca.org.uk/s/search?q=upbit&type=Companies)
- Under the UK Money Laundering Regulations 2017, cryptoasset exchange providers and custodian wallet providers must register with the FCA before carrying on in-scope cryptoasset business in the UK. [FCA: cryptoassets AML/CTF regime](https://www.fca.org.uk/firms/financial-crime/money-laundering-terrorist-financing/cryptoassets-aml-ctf-regime)
- Dunamu Inc. is not listed in FinCEN’s MSB Registrant Search (28 October 2026). [FinCEN MSB Registrant Search](https://msb.fincen.gov/)
- Upbit and Dunamu do not appear on the New York DFS list of regulated virtual currency entities (28 October 2026). In New York, virtual currency business activity requires a BitLicense or a charter under the New York Banking Law (for example, a limited purpose trust company). [NYDFS: virtual currency businesses](https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses)

Checked on 28 October 2026 against regulator registers and the text of the law.

## Proof of reserves as of 1 September 2026

| Asset | Reserve ratio |
|---|---|
| Digital assets covered by the report (KRW-equivalent) | 103.6% |

Method: Monthly digital asset due-diligence report (디지털 자산 실사보고서), comparing the KRW-equivalent value of the covered digital assets held with the KRW-equivalent value of those owed to members; the 1 September 2026 report was prepared by the accounting firm 성현회계법인. 성현회계법인 [↗](https://upbit.com/service_center/notice?id=6590)

## Security and audits

- ISMS-P certification, valid until 31 August 2027.
- Some digital asset withdrawals are restricted for 72 hours after a first KRW deposit; the scope and exceptions are set out in Upbit's help centre.
- ISMS-P since September 2021; Dunamu states it holds four ISO certifications and has run a bug bounty programme since December 2022.
- Members can switch on a self-lock that immediately blocks KRW and coin withdrawals and new buy and sell orders.
- An optional setting blocks logins from foreign IP addresses.

## Fees

| Parameter | Details |
|---|---|
| Spot maker / taker | 0.05% in the KRW market; 0.25% in the USDT market (base rates, 1 October 2026; promotional rates may apply at the time of reading). |
| Spot maker / taker (BTC market) | 0.25% (base rate, 1 October 2026) |
| Promotional rate (BTC and USDT markets) | 0.05% instead of 0.25% (promotion announced 28 August 2026, extended 11 September 2026) |
| Individual and corporate members | The same trading fee rates apply to all members, individual and corporate. |

## Who can use it

- Verification: Customer verification (고객 확인, KYC) with a resident registration card (주민등록증) or driver's licence (운전면허증).

## History

| Date | Event |
|---|---|
| 3 April 2012 | Dunamu Inc. (두나무 주식회사) is incorporated. |
| October 2017 | Dunamu launches the Upbit exchange. |
| 28 June 2018 | Upbit began due-diligence checks of digital assets and KRW deposits on 28 June 2018; it now publishes a monthly digital asset due-diligence report prepared by 성현회계법인. |
| 6 October 2021 | Korea's FIU accepts Dunamu's registration as a virtual asset service provider for Upbit (filed 20 August 2021). |
| 7 June 2024 | USDT is added to the KRW market. |
| 19 July 2024 | The Act on the Protection of Virtual Asset Users takes effect; it bars exchanges, Upbit included, from blocking deposits and withdrawals without a legal basis. |
| 30 August 2024 | USDC is added to the KRW market. |
| 25 February 2025 | The FIU notifies Dunamu of a three-month partial business suspension; the then-CEO (이석우) received a reprimand warning and nine employees were sanctioned. |
| 18 June 2025 | USDT deposits and withdrawals on the Aptos network begin. |
| 28 August 2025 | USDT deposits and withdrawals on the Kaia network begin. |
| 6 November 2025 | The FIU decides a KRW 35.2 billion fine against Dunamu for about 8.6 million breaches. |
| 26 November 2025 | Dunamu signs a share exchange agreement with Naver Financial. |

## Risks and caveats

- Korea's FIU has taken sanction measures against Dunamu under the Act on Reporting and Using Specified Financial Transaction Information (특정금융정보법): a partial business suspension and a fine (과태료).
- The share exchange with Naver Financial requires regulatory approvals; its exchange date was moved to 31 March 2027 (DART filing, 7 October 2026).
- The FIU imposed the fine on 9 December 2025 (corrected 6 January 2026); Dunamu filed an objection on 6 February 2026 under the Act on the Regulation of Violations of Public Order (질서위반행위규제법).
- An earlier FIU action on 27 February 2023: an institutional caution (기관주의) and a KRW 80.7 million fine.
- Dunamu's filing also records a KRW 24 million fine from the Financial Services Commission (28 July 2025) and a Fair Trade Commission corrective order over unfair labelling and advertising (10 March 2026).

## About the company

- **Legal entity**: 두나무 주식회사 (Dunamu Inc.)
- **Exchange launched**: October 2017
- **Banking partner (not a licence)**: K bank (케이뱅크) issues the real-name verified deposit and withdrawal accounts (실명확인 입출금계정) used for KRW on Upbit.
- **Largest shareholders**: 송치형 25.51% (largest), 김형년 13.10%, 한화투자증권 9.84% (30 June 2026)
- **Other shareholders over 5%**: 우리기술투자 7.20%, 하나은행 (Hana Bank) 6.55% (30 June 2026)
- **Pending ownership change**: Share exchange agreement with Naver Financial; exchange date moved to 31 March 2027 (DART filing, 7 October 2026).
- **Founded**: 3 April 2012 (Dunamu Inc.; the Upbit exchange launched in October 2017)
- **Headquarters**: DF Tower, 369 Gangnam-daero, Seocho-gu, Seoul (서울특별시 서초구 강남대로 369)
- **Representative (FIU register)**: 오경석 (FIU list as of 30 September 2026)
- **Auditor**: 삼정회계법인; unqualified (적정) opinion on the 2025 (14th) financial statements

## Official links

- Website: [upbit.com](https://upbit.com)
- Proof of reserves: [upbit.com/service_center/notice?id=6590](https://upbit.com/service_center/notice?id=6590)
- Fees: [support.upbit.com/hc/ko/articles/900006143046](https://support.upbit.com/hc/ko/articles/900006143046)
- Security: [support.upbit.com/hc/ko/articles/900005955686](https://support.upbit.com/hc/ko/articles/900005955686)

## Questions and answers

**Is Upbit regulated?**

Its operator Dunamu is registered (신고) with Korea's Financial Intelligence Unit (FIU) as a virtual asset service provider; the registration was accepted on 6 October 2021 (list as of 30 September 2026). This is a registration, not a banking-style licence.

**Does Upbit publish proof of reserves?**

It publishes a monthly digital asset due-diligence report, prepared by the accounting firm 성현회계법인; as of 1 September 2026 it held about 103.64% of the digital assets covered by the report (KRW-equivalent).

**What are Upbit's fees?**

The base trading fee is 0.05% in the KRW market and 0.25% in the BTC and USDT markets (1 October 2026); a promotion extended on 11 September 2026 cuts the BTC- and USDT-market fee to 0.05%.

**Who owns Upbit?**

Upbit is operated by Dunamu Inc.; its largest shareholder is 송치형 with 25.51% (30 June 2026). A share exchange with Naver Financial, signed on 26 November 2025, has an exchange date of 31 March 2027.

**Can I deposit Korean won to Upbit from any bank?**

Account verification can use other banks, but KRW deposits and withdrawals require a linked K bank (케이뱅크) account.

**Which stablecoins can be bought for won on Upbit?**

As of 28 October 2026: USDT, USDC, USD1, USDE, USDS, USDG, RLUSD, PYUSD, EURC and JPYC. USDT trades for won since 7 June 2024 and USDC since 30 August 2024.

**Why can't I withdraw crypto right after depositing won?**

Upbit delays digital asset withdrawals for 72 hours after a first KRW deposit and 24 hours after each later one; its fraud detection system may waive or vary the delay.

**Has Upbit been sanctioned by regulators?**

Yes. Korea's FIU notified Dunamu on 25 February 2025 of a three-month partial suspension (a ban on transfers by new customers) and on 6 November 2025 decided a KRW 35.2 billion fine; Dunamu objected to the fine on 6 February 2026.

## Sources

- [DART (Financial Supervisory Service) — corporate filing](https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260814003803)
- [Upbit — public API (market list)](https://api.upbit.com/v1/market/all?is_details=true)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/4407462429081)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/34912547582745)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/60305341985049)
- [Korea Financial Intelligence Unit — virtual asset service provider register](https://www.kofiu.go.kr/kor/notification/notice_view.do?ntcnYardOrdrNo=194&seCd=0007)
- [DART (Financial Supervisory Service) — corporate filing](https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260814003251)
- [Upbit — notice](https://upbit.com/service_center/notice?id=6590)
- [KISA — ISMS-P certification register](https://isms-p.or.kr/sttus/cert/selectCrtfctIsueList.do)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/900005955686)
- [DAXA — trading fee comparison](https://kdaxa.org/disclosure/charge.php)
- [Upbit — notice](https://upbit.com/service_center/notice?id=4273)
- [DART (Financial Supervisory Service) — corporate filing](https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20261007000268)
- [DART (Financial Supervisory Service) — corporate filing](https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20260330001631)
- [Financial Services Commission — press release](https://www.fsc.go.kr/no010101/84051)
- [Financial Services Commission — press release](https://www.fsc.go.kr/no010101/85615)
- [Upbit — notice](https://upbit.com/service_center/notice?id=4379)
- [Upbit — notice](https://upbit.com/service_center/notice?id=4465)
- [Upbit — notice](https://upbit.com/service_center/notice?id=5242)
- [Upbit — notice](https://upbit.com/service_center/notice?id=5455)
- [DAXA — balance reconciliation disclosures](https://kdaxa.org/disclosure/reconciliation.php)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/900006825383)
- [Upbit — notice](https://upbit.com/service_center/notice?id=6527)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/900006143046)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/46995629383321)
- [Upbit — help center](https://support.upbit.com/hc/ko/articles/11994877212441)
- [FCA — Financial Services Register search](https://register.fca.org.uk/s/search?q=upbit&type=Companies)
- [FCA: cryptoassets AML/CTF regime](https://www.fca.org.uk/firms/financial-crime/money-laundering-terrorist-financing/cryptoassets-aml-ctf-regime)
- [FinCEN MSB Registrant Search](https://msb.fincen.gov/)
- [NYDFS: virtual currency businesses](https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses)

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Page updated: 2026-10-31

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Source: https://revain.org/exchanges/upbit/