Upbit's main banker targets 2022 IPO amid massive crypto user on-boarding
K bank, the major fiat on-ramp for South Korean crypto exchange Upbit, has set its sights on going public in 2022. Some South Korean banks appear to be enjoying the benefits of increased crypto involvement with K bank reportedly eyeing an initial public offering in 2022.According to a report by The Korea Times on Wednesday, K bank CEO Lee Mun-whan revealed that the bank would be profitable by 2022, paving the way for the public listing.K bank — South Korea’s first internet-only bank — is the major Korean won on-ramp for Upbit; one of the “big four” crypto exchanges in the country.The....
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A cryptocurrency investor has reportedly sued South Korean crypto exchange Upbit after the trading platform delayed processing his luna coin transfer prior to its crash. The Korean crypto exchange is investigating the details of the lawsuit.
Upbit Sued by Crypto Investor
Dunamu Inc., the company that operates the South Korean cryptocurrency exchange Upbit, has been sued by a crypto investor, a man in his 50s, Korea Joongang Daily reported Monday.
The investor alleged that Upbit delayed processing his coin transfer off the exchange prior to the coin crashing, resulting....
Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit — who are collectively referred to as “The Big Four.” Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU).Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported.Upbit is one of South Korea’s largest cryptocurrency....
IBM Bluemix Garage has unveiled that Singapore FinTech startup KYCK! is to use its blockchain in a project to fast-track the know-your-customer (KYC) on-boarding process in financial organizations, according to a report from Yahoo!. It is hoped that by using the blockchain technology banks will be in a better position to enhance operations for on-boarding customers, reducing the time and expense that is normally required. By utilizing the Hyperledger Project Fabric, IBM Bluemix Garage in Singapore will work to create and test the solution, which is to be built on the Hyperledger Fabric.....
Reports from South Korea-based Yonhap News Agency have revealed that Upbit, one of the largest crypto exchanges in South Korea experienced over 159,000 hacking attempts in the first half of 2023 alone. Upbit’s Hacking Attempts According to the data from Upbit’s parent company Dunamu shared with the local news agency, the hacking attempts of the first half of 2023 indicate a 117% increase compared to the first half of 2022, and a 1,800% increase in hacking attempts compared to the second half of 2020. Related Reading: Crypto Analyst Presents Data To Prove That XRP Is....
Crypto regulations in South Korea require exchanges to enforce strict KYC and AML guidelines and major crypto exchanges have delisted privacy coins in the past as well. Major cryptocurrency exchanges in South Korea have delisted Litecoin (LTC) weeks after flagging its privacy-focused MimbleWimble (MWEB) upgrade.In a public announcement on Wednesday, Upbit cited the Act on the Reporting and Use of Specific Financial Transaction Information, which prohibits anonymous transactions as the key reason for ending support for LTC. The delisting comes in the light of the much-awaited MWEB upgrade....