Crypto Exchange Upbit Operator Dunamu Reports 85% Surge in Operating Profit

Dunamu, the operator of the South Korean crypto exchange Upbit, has posted a strong performance in 2024, reporting an 85.1% increase in operating profit, largely driven by key market events such as Bitcoin’s halving and positive sentiment surrounding pro-crypto policies in the United States.

According to the company’s earnings report, Dunamu’s revenue for 2024 reached KRW 1.7316 trillion (approximately $1.3 billion), marking a 70.5% increase from the previous year. The company’s operating profit surged by 85.1%, amounting to KRW 1.1863 trillion, while net income saw a 22.2% rise.

Dunamu attributed its significant growth to multiple factors. Notably, the Bitcoin halving event and improved investor sentiment played a critical role in the company’s performance. Furthermore, the company highlighted anticipation of pro-crypto policies in the U.S. following Donald Trump’s election and the Federal Reserve’s rate-cut stance as key drivers of optimism in the crypto market.

In addition to these positive financial results, Upbit has seen a favorable outcome in its legal battle with South Korea’s Financial Intelligence Unit (FIU). The exchange had been temporarily blocked from onboarding new clients due to allegations of violating rules by dealing with unregistered virtual asset service providers. However, a South Korean court granted an injunction on March 27, lifting the three-month suspension temporarily, allowing Upbit to resume operations pending a final ruling. This decision provides a boost to Dunamu as it navigates regulatory challenges.

Overall, Dunamu’s strong financial growth, coupled with the legal victory, highlights the resilience and expanding influence of Upbit in the cryptocurrency market.