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

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Key facts

Type: Centralized exchange
Exchange launched: 2017
Country of registration: South Korea
Operator: Dunamu Inc. (두나무 주식회사)
Official site: 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. ↗
Besides Upbit's own monthly report, the exchange association DAXA publishes daily balance reconciliation results for Upbit (두나무) under its wallet best-practice rules. ↗
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. ↗
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. ↗
The stated ground for that suspension: Upbit supported 44,948 virtual asset transfers with 19 foreign providers that had not registered in Korea. ↗
The FIU fine decided on 6 November 2025 is KRW 35.2 billion, for about 8.6 million breaches of anti-money-laundering duties. ↗
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. ↗
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. ↗
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%. ↗
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. ↗

Services

Services — Upbit
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

Licences and registrations — Upbit
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)

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
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
Dunamu Inc. is not listed in FinCEN’s MSB Registrant Search (28 October 2026). FinCEN MSB Registrant Search
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

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

Proof of reserves as of 1 September 2026

Proof of reserves as of 1 September 2026 — Upbit
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 ↗

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

Fees — Upbit
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

History — Upbit
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
Proof of reserves: upbit.com/service_center/notice?id=6590
Fees: support.upbit.com/hc/ko/articles/900006143046
Security: 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

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Page updated: 2026-10-31