Skip to main content

Despite Regulations, One South Korean Crypto Exchange Rises to the Global Top

Upbit Tops the Chart

South Korean cryptocurrency exchange Upbit provided its trading data to Coinmarketcap for the first time on Tuesday. The Kakao-backed exchange debuts as the world’s largest crypto exchange by volume.
Despite Regulations, One South Korean Crypto Exchange Rises to the TopUpbit’s 24-hour trading volume at the time of writing for all coins is $6.43 billion. Trailing behind in second place is Binance with $4.80 billion trading volume in the same time period, followed by Bithumb with $4.68 billion.
For bitcoin (BTC) specifically, Upbit has the third largest global 24-hour trading volume of $853,351. Bitfinex tops the BTC chart with $1.50 billion, followed by Okex at $946,537. Bithumb ranks 10th on this chart with only $365,177 of BTC trade in the last 24 hours.
Despite Regulations, One South Korean Crypto Exchange Rises to the Top
In December, Upbit revealed that it had a total membership of 1.2 million, average daily users of 1 million, and concurrent users of 300,000. In addition, the platform claimed to have a maximum daily transaction value of 10 trillion won and an average daily transaction value of 5 trillion won in December.

Upbit’s Unique Path

LaunchedDespite Regulations, One South Korean Crypto Exchange Rises to the Topin October 2017, Upbit is operated by Dunamu Inc which received 30 billion won (~USD$28 million) in investment from Kakao Corporation in 2015. Dunamu also operates a mobile stock trading application called Kakao Stock. Thanks to a partnership with the US-based exchange Bittrex, Upbit offers the trading of 121 cryptocurrencies and over 210 trading pairs, according to its website.
Despite Regulations, One South Korean Crypto Exchange Rises to the TopThe rapid growth of Upbit caught the attention of the South Korean regulators as well as the Korean Blockchain Association which works on self-regulation. Following the government’s regulatory announcement on December 14, all major crypto exchanges in the country jointly declared self-regulation as outlined by the association which they are members of.
However, Upbit became a center of controversy when it did not join the association and declare self-regulation with its peers. Instead, the exchange acted on its own and announced on December 30, as quoted by Zdnet:
The company plans not only to actively accept all regulations created by the government but also to create a safe and transparent cryptocurrency trading environment by strengthening self-regulatory measures intensely within the service.
Fulfilling its promises, Upbit implemented the necessary changes at the end of December, as required by the regulations.
Almost a month after other exchanges joined the Korean Blockchain Association, Upbit finally announced on January 11 that it had applied to join the association. The company has also agreed to implement any self-regulatory measures advised by the group, Yonhap reported.

Comments

Popular posts from this blog

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED

MYSTERY OF BERMUDA TRIANGLE FINALLY SOLVED   17 COMMENTS    23472 VIEWS Bermuda Triangle Mystery Solved? Scientists believe they’ve solved the mystery of the Bermuda Triangle ― and it’s not UFOs or sea monsters. It’s another kind of monster: monster waves. The Bermuda Triangle, also known as the Devil’s Triangle, is a region in the North Atlantic that is generally bounded by Miami, Bermuda and Puerto Rico. Over time, a number of aircraft and ships are said to have disappeared there under mysterious circumstances. According to “The Bermuda Triangle Enigma” on Britain’s Channel 5, scientists now believe conditions in that area were just right for massive rogue waves. “There are storms to the south and north, which come together,” said University of Southampton oceanographer Simon Boxall, per the Sun. “And if there are additional ones from Florida, it can be a potentially deadly formation of rogue waves.” Boxall said these rogue waves could reach 100 fee...

EZeugo Is the Right Candidate For Idemili North Constituency.

A sound mind is a healthy body, unfortunately most of our people suffer from various diseases as a result of their life style,water the drink, type of food the eat (poor dieting) and drugs abuse which in return leads to many complications in the later stages of their lives. Majority of our people over the age of fourty  suffer from specific health problems E.g heart diseases, advanced diabetes, blood pressure (BP). In my view the issue of health is not limited to health services, health is a specific culture that can be attened by harmonizing body and mind. To reach this health conditions, in addition to a good healthy services, base on my background in Health and Environmental Safety (HES) I Ezeugo have a good health investment programs that will help improve following area - health education, Custom and traditions, food and environmental hygiene, sports, provisions of safe drinking water, public awareness in various aspects of life. Ezeugo have all it take to make Idemili...

Ezeugo For Idemili North Constituency in Anambra State House of Assembly 2019.

As a youth leader, I Ezeugo will support law that will better the Rights of women, young people (youth) and the destitute (poor). In our society, we have three numerical majorities, these three majorities include the youth, women and the poor  none of these classes are satisfied with their participation in the country economy, politics  or administration. The poor, women and youth still lack the kind of support by legislative bodies that would allow them to represent their voices and demands within the context of the of the law. Effective representation will pay a positive role in changing their living conditions and make their voices heard. For this reason Ugochukwu Ezeude - Ezeugo programs tackles various aspects and will also help fight against poverty. Together we can make it happen and better. I stand with Ezeugo for better tomorrow. I stand for the truth.