Upbit is a South Korean cryptocurrency exchange founded in 2017 by the fintech company Dunamu Inc., in collaboration with Bittrex, a US-based crypto trading platform. With Upbit, you can buy, sell, or trade over 180 cryptocurrencies via their website or mobile application. 

Unlike its international counterparts, Upbit mainly focuses on spot trading (buying and selling at market rate) and doesn’t offer complex financial products like derivatives (betting on crypto future prices). That said, the platform does provide other crypto-related services like staking (locking crypto for returns), lending, recurring buys, and an NFT marketplace.

The platform commands approximately 72% of the country’s total crypto trading volume as of October 2025. Globally, Upbit ranks among the top 5 cryptocurrency exchanges by 24-hour spot trading volume, currently placing at #3 with over $1.1 billion in daily trades as of mid-January 2026.

[Note: In November 2019, Upbit suffered a security breach due to which 342,000 Ethereum (ETH) tokens, valued at approximately $49 million at the time, were stolen from its hot wallet.]

Upbit: Key Points

• Founded in October 2017 and headquartered in South Korea
• Primarily a spot trading crypto exchange; no availability of derivatives
• Holds multiple security certifications, including ISO 27001, ISO 27017, ISO 27018, ISO 27701, and ISMS-P
• Faced a temporary 3-month ban on new customer registrations, imposed by South Korea’s FIU  in February 2025 due to KYC & AML deficiencies
• Features an NFT marketplace for creating and trading digital collectibles

History of Upbit

Upbit was launched in October 2017 by Song Chi-hyung, the founder and CEO of Dunamu Inc., a South Korea-based fintech company. In early 2018, it became one of the world’s largest crypto exchanges by trading volume, credited largely to its initial technical partnership with the Bittrex exchange. This collaboration involved shared order books and asset listings but was limited to the early launch phase; the partnership ended in September 2019, with no ongoing operational or equity relationship today, especially as Bittrex ceased all operations in 2023. This collaboration helped Upbit offer a wide selection of crypto assets from the beginning, giving it an early foothold in the market. 

Over the years, Upbit has solidified its position as South Korea’s go-to crypto exchange, enabling it to command the majority of the country’s total crypto trading volume.

The exchange began expansion into Southeast Asia, starting with Singapore in October 2018, followed by Indonesia in January 2019, and later Thailand in January 2021.  

Upbit, and its parent company Dunamo, were acquired as fully-owned subsidiaries by the South Korean internet titan Naver in September 2025. 

Upbit: Functions and Services

• Spot trading: This service involves straightforward buying and selling of crypto assets at their current market price. You can either trade a coin at the immediate market rate or set up a limit order to buy/sell whenever the price reaches your specified level.
• Fiat and crypto deposits/withdrawals: In its home market, Upbit allows users to deposit and withdraw Korean Won (KRW) via mandatory real-name local bank accounts. In the international market, the regional platforms provide corresponding fiat (conventional money) options such as Singapore Dollar (SGD), Thai Baht (THB), and Indonesian Rupiah (IDR). Crypto deposits and withdrawals are available for supported tokens, subject to Upbit’s policies and network fees. 
• Staking: Upbit gives customers the option to lock up a variety of crypto tokens like Ethereum (ETH), Solana (SOL), Cardano (ADA), Polygon (POL), and Cosmos (ATOM) for preferred time periods to earn Annual Reward Rate (ARR) ranging from 3.5% to 20.61% (at the time of writing).
• NFT marketplace: The Upbit ecosystem also includes a digital treasure chest – a non-fungible token (NFT) marketplace, catering to users interested in creating, buying or selling digital collectibles. 
• Recurring buys: The platform’s users can automatically accumulate a pre-specified amount of crypto assets at desired periods, using the recurring buys service. This strategy is usually adopted to mitigate market volatility risks.
• Asset custody: Upbit custodies user crypto assets in-house (no third-party for retail users), storing around 98.33% in cold storage (as of December 2025), exceeding South Korea’s 80% regulatory minimum requirement. Fiat assets are custodied via partnered banks like Kookmin Bank. The exchange maintains insurance for hot wallets and covers any losses from breaches using its own reserves, though cold storage insurance specifics are not publicly detailed.

Is Upbit safe to use in 2026? 

Upbit is largely viewed as a safe crypto trading platform due to its regulatory compliance and strict security protocols. It stores the majority of users’ assets in cold storage (offline wallets) and mandates two-factor authentication (2FA) for all accounts. 

Upbit holds multiple security certifications, including the Information Security Management System (ISMS) certificate from the Korea Internet and Security Agency, and International Organization for Standardization (ISO) certificates for information security (ISO 27001), personal information protection (ISO 27701), cloud privacy (ISO 27018), and cloud security (ISO 27017).

However, the platform suffered a hot wallet hack in November 2019, losing 342,000 ETH tokens (worth nearly $49 million at that time). Upbit acted swiftly and made all affected users whole. The exchange was also temporarily banned (for 3 months) from onboarding new users in February 2025 by South Korea’s Financial Intelligence Unit (FIU), for anti-money laundering (AML) and know your customer (KYC) deficiencies. 

While Upbit has technical safeguards in place, the regulatory challenges suggest caution. New users are encouraged to enable 2FA, keep strong passwords, and monitor their accounts regularly. 

Additionally, starting 28 January 2026, Google Play will ban unregistered overseas crypto exchanges, for example Binance, OKX etc. (at the time of writing), from its South Korean store to enforce stricter AML and security rules, further highlighting Upbit’s advantage as a fully compliant domestic VASP.

Upbit FAQs

How to sign up with Upbit?

You can sign up with Upbit as an individual or a corporate member. While there’s a comprehensive registration process for corporates, individuals need to sign up via the Upbit app. Please note that identity verification is mandatory to access the platform’s trading services.

Is there 24/7 customer service available with Upbit?

No, Upbit doesn’t provide 24/7 customer service at the time of writing. However, you can submit a request via its app or website. Alternatively, you can also access its trading guides, user guides, and FAQ sections to learn more.

What are Upbit’s fees?

Upbit’s trading fees may vary depending on whether you’re on the local or international platform. On the Korean exchange, a 0.05% fee is levied on standard KRW trades, and 0.25% fees for Tether (USDT) and Bitcoin (BTC) markets. Deposits are free. Each KRW withdrawal attracts a 1,000 KRW fee, while crypto withdrawals involve pre-specified charges, including the network fees. 

Is Upbit regulated?

Yes, Upbit holds regulatory licenses in South Korea and Asian jurisdictions. It is registered as a virtual asset service provider (VASP) with South Korea’s FIU. Upbit Singapore operates with a major payment institution (MPI) license granted by the Monetary Authority of Singapore (MAS). 

Indonesia’s Financial Services Authority (OJK) has granted PT Upbit Exchange Indonesia the physical crypto asset trader (PAKD) license, while Upbit Exchange (Thailand) Co. Ltd. holds four digital asset business licenses from the Thai Securities and Exchange Commission (SEC) & Ministry of Finance.

How to deposit funds on Upbit?

For fiat deposits, complete KYC and access ‘Wallets’ on the website/mobile app. Choose the fiat currency and follow the instructions. Please know, you’ll need to verify your bank account for the first deposit. For crypto deposits, follow the same steps, but choose the concerned coin instead of fiat. There are no fees on deposits except for network fees for crypto.