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Upbit is one of the largest cryptocurrency exchanges in South Korea. It was launched by Dunamu in October 2017.
Bithumb Faces Another Regulatory Storm as South Korean Police Investigate Lawmaker's Influence in Hiring Allegations
Odaily News: South Korean police recently raided cryptocurrency exchange Bithumb to investigate allegations that independent lawmaker Kim Byung-gi used his influence to secure a job for his son. According to reports, Kim’s son joined Bithumb in January 2025 and worked there for about six months. Police are investigating whether external pressure or preferential treatment was involved in the hiring process. Additionally, the case has also implicated Dunamu, the operator of South Korea’s largest crypto exchange Upbit, with the investigation scope expanding from simple hiring issues to potential abuse of power and conflicts of interest.Investigators noted that during his tenure on the National Assembly's Political Affairs Committee, Kim Byung-gi raised multiple inquiries against Dunamu during committee meetings, sparking external speculation that he may have been seeking benefits for the company where his son was employed.It is understood that police have previously questioned executives from several cryptocurrency firms and have conducted search and seizure operations at Bithumb’s headquarters and Bithumb Financial Tower. Kim Byung-gi himself is under investigation on 13 charges, including allegations related to job placements, bribery for nominations, and requests concerning university transfers. He has stated that he believes he will ultimately be able to prove his innocence.Notably, Bithumb has been facing sustained regulatory pressure recently. In March this year, South Korea’s financial regulator fined Bithumb approximately $24.5 million for violations related to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, and issued a six-month partial business suspension order. However, the Seoul court temporarily suspended the penalty in late April, and the relevant legal proceedings are still ongoing. (Cointelegraph)
South Korea Tightens Control Over Crypto Exchange APIs; DAXA Requires Blocking of Suspicious Shared Keys
The Korea Digital Asset Exchange Alliance (DAXA) has introduced new compliance standards requiring local cryptocurrency exchanges to invalidate API keys suspected of being improperly shared by users, thereby strengthening oversight of automated trading. The Financial Supervisory Service (FSS) stated that automated trading currently accounts for approximately 30% of trading volume in Korea’s cryptocurrency market. Under the new rules, exchanges including Upbit, Bithumb, Coinone, Korbit, and Gopax will enhance API monitoring, issue warnings upon detecting suspicious sharing behavior, require users to re-authenticate, and implement an IP allowlist mechanism to restrict API access to authorized addresses only.
South Korea’s virtual asset trading volume has dropped to approximately 8% of the KOSPI, and the Bitcoin South Korean premium remains negative.
According to Digital Asset, domestic virtual asset trading volume in South Korea has fallen to approximately 8% of KOSPI trading volume—less than one-tenth. Media statistics show that, as of May 26, the ratio of trading volume on Korean won-based exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) to KOSPI trading volume stood at just 8%. The report notes that South Korea’s virtual asset market has been weakening continuously since the second half of 2025; it declined sharply following a large-scale futures liquidation event in October 2025, while the KOSPI strengthened amid a semiconductor upcycle and supportive government policies. Additionally, according to CryptoQuant data, the Bitcoin Korea Premium indicator has been negative for most of the time since March, reflecting weak buying demand in the Korean market.
Korea's National Tax Service is developing a $2.2 million AI system to track cryptocurrency transactions and crack down on tax evaders.
Odaily Planet Daily reported that the National Tax Service of South Korea is building an artificial intelligence system costing approximately $2.2 million to monitor cryptocurrency transactions and pursue tax evaders, with completion expected by the end of 2026. This system will integrate exchange transaction records with blockchain data to identify suspicious transactions such as money laundering, unreported gifts, and offshore tax evasion, and will extend its tracking capabilities to non-custodial wallets. The National Tax Service is coordinating implementation details with five major exchanges, including Upbit and Bithumb, with the final tax guidelines anticipated by the end of 2026. A survey by the Financial Services Commission of South Korea revealed that the country has over 11 million verified crypto investors, although growth has slowed; the growth rate of tradable accounts fell from 25% in the first half of 2024 to 3% in the second half.
Value of Cryptocurrency Holdings by South Korean Investors Halved, Investors Shift to Stocks
According to Odaily, the value of cryptocurrency holdings held by South Korean investors has more than halved over the past year, dropping from 121.8 trillion won at the end of January 2025 to 60.6 trillion won (approximately $41.4 billion) by the end of February 2026.Daily trading volume on the five major exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax—fell from $11.6 billion in December 2024 to $3 billion in February 2026. Korean won deposits on these exchanges also decreased from 10.7 trillion won to 7.8 trillion won.Stablecoin holdings declined from 597 million units in December 2024 to 41 million units in February 2026.South Korean regulators plan to implement revised anti-money laundering rules in August, under which crypto transactions involving overseas exchanges or private wallets exceeding 10 million won will be automatically flagged as suspicious. Additionally, a 22% tax on crypto gains is set to take effect on January 1, 2027.
Korean Investors’ Crypto Holdings Shrink Over 50% in a Year, Funds Accelerate Shift to Stock Market
that, according to data submitted by the Bank of Korea to the National Assembly, the total value of crypto assets held by South Korean investors fell from 121.8 trillion won (approximately $83.3 billion) at the end of January 2025 to 60.6 trillion won (approximately $41.4 billion) at the end of February 2026, a decline of over 50% within a year. During the same period, the average daily trading volume on South Korea's top five exchanges—Upbit, Bithumb, Korbit, Coinone, and Gopax—dropped from $11.6 billion in December 2024 to $3 billion in February this year. The total Korean won deposits on these exchanges also decreased from 10.7 trillion won to 7.8 trillion won, reflecting that some funds are flowing into the South Korean stock market.However, stablecoin holdings have remained relatively resilient. Data shows that South Korean stablecoin holdings peaked at $597 million in December 2024 before falling to $41 million in February this year, a decline significantly smaller than that of the broader crypto market.Additionally, South Korean regulators plan to implement stricter anti-money laundering rules in August, which will automatically flag as suspicious any transactions involving overseas exchanges or private wallets exceeding 10 million won. The Digital Asset Exchange Alliance (DAXA) has warned that this measure could drive users toward offshore platforms such as Binance.Meanwhile, the South Korean Ministry of Economy and Finance recently confirmed for the first time that a 22% tax rate on crypto gains will officially take effect on January 1, 2027. (Cointelegraph)
Upbit to Delist NKN/NKN Trading Pair
According to the official announcement, Upbit will terminate trading support for NKN (NKN) on June 15 at 14:00, affecting the NKN/BTC trading pair. Users must withdraw their funds before July 16; otherwise, related assets will no longer be processable.
South Korean Trader: Recent Token Listings on Upbit Suspected of “Rat Trading”
South Korean trader Definalist stated on social media that Upbit’s recent listings of WIF and VVV may involve front-running behavior. He claimed that multiple addresses funded by Upbit’s hot wallet purchased WIF prior to its listing on Upbit and rapidly sold their holdings shortly after the listing. A similar pattern was observed with VVV. Additionally, he revealed that Upbit has recently been intensively testing the STABLE token, and suspected front-running wallets also engaged in purchases of this token.
Wang Chun said he regretted selling 83.7 million SPK tokens last year; SPK surged up to 73% in the past 24 hours.
According to on-chain analyst Ai Aunt (@ai9684xtpa), Wang Chun, co-founder of F2Pool, stated this morning at 07:21 that he sold 83.7 million SPK tokens last year and is now “somewhat regretful.” Subsequently, Upbit officially announced the listing of SPK at 10:20, and Spark announced at 20:06 that the total staked SPK supply had exceeded 500 million tokens. Market data shows SPK surged up to 73% within 24 hours and topped Binance’s gainers list.
Upbit to List SPX Pairs Against KRW, BTC, and USDT
According to the official announcement, Upbit will launch SPX trading pairs against KRW, BTC, and USDT.
Upbit to List OPG Spot Trading
Odaily reports, according to an official announcement, Upbit will list the OPG token on its BTC and USDT markets, with trading set to begin at 20:30 local time on June 15.
Upbit to List CTR/BTC and CTR/USDT Trading Pairs
According to the official announcement, Upbit will list the CTR/BTC and CTR/USDT trading pairs.
Upbit to List BABY/KRW Trading Pair
According to the official announcement, South Korean crypto exchange Upbit will list the BABY token on its KRW market, with trading commencing at 20:00 local time on June 5.
Upbit to List SLX/KRW, SLX/BTC, and SLX/USDT Trading Pairs
According to the official announcement, Upbit will list SLX/KRW, SLX/BTC, and SLX/USDT trading pairs.
Upbit to List IO/KRW Trading Pair
According to the official announcement, Upbit will list the IO/KRW trading pair.
Related news
Upbit to List SPX Pairs Against KRW, BTC, and USDT
According to the official announcement, Upbit will launch SPX trading pairs against KRW, BTC, and USDT.
Upbit to List OPG Spot Trading
Odaily reports, according to an official announcement, Upbit will list the OPG token on its BTC and USDT markets, with trading set to begin at 20:30 local time on June 15.
Upbit to List CTR/BTC and CTR/USDT Trading Pairs
According to the official announcement, Upbit will list the CTR/BTC and CTR/USDT trading pairs.
Bithumb Faces Another Regulatory Storm as South Korean Police Investigate Lawmaker's Influence in Hiring Allegations
Odaily News: South Korean police recently raided cryptocurrency exchange Bithumb to investigate allegations that independent lawmaker Kim Byung-gi used his influence to secure a job for his son. According to reports, Kim’s son joined Bithumb in January 2025 and worked there for about six months. Police are investigating whether external pressure or preferential treatment was involved in the hiring process. Additionally, the case has also implicated Dunamu, the operator of South Korea’s largest crypto exchange Upbit, with the investigation scope expanding from simple hiring issues to potential abuse of power and conflicts of interest.Investigators noted that during his tenure on the National Assembly's Political Affairs Committee, Kim Byung-gi raised multiple inquiries against Dunamu during committee meetings, sparking external speculation that he may have been seeking benefits for the company where his son was employed.It is understood that police have previously questioned executives from several cryptocurrency firms and have conducted search and seizure operations at Bithumb’s headquarters and Bithumb Financial Tower. Kim Byung-gi himself is under investigation on 13 charges, including allegations related to job placements, bribery for nominations, and requests concerning university transfers. He has stated that he believes he will ultimately be able to prove his innocence.Notably, Bithumb has been facing sustained regulatory pressure recently. In March this year, South Korea’s financial regulator fined Bithumb approximately $24.5 million for violations related to KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations, and issued a six-month partial business suspension order. However, the Seoul court temporarily suspended the penalty in late April, and the relevant legal proceedings are still ongoing. (Cointelegraph)
Upbit to List BABY/KRW Trading Pair
According to the official announcement, South Korean crypto exchange Upbit will list the BABY token on its KRW market, with trading commencing at 20:00 local time on June 5.
South Korea’s cryptocurrency market trading volume shrinks to 2% of the KOSPI’s, as investors shift substantial capital to the stock market.
According to South Korea’s Maeil Business Newspaper, Korean investors’ interest in crypto assets has rapidly waned amid persistently low crypto yields. On May 29, the combined 24-hour trading volume of South Korea’s five major crypto exchanges—Upbit, Bithumb, Coinone, Korbit, and Gopax—stood at just KRW 2.71 trillion, while the KOSPI’s trading volume on the same day reached KRW 118.27 trillion—meaning the crypto market accounted for only 2.03% of the KOSPI’s total. This stands in stark contrast to one year earlier: on July 24, 2025, the crypto market’s trading volume hit KRW 16.92 trillion—surpassing the KOSPI’s KRW 15 trillion. Since then, the KOSPI’s trading volume has surged by 680%, while the crypto market’s volume has plunged by 84%, clearly indicating a massive capital shift toward equities.