South Korean exchange UPbit saw massive earnings growth in 2024 amid regulatory hiccups ⋅ Crypto World Echo
Dunamu, the parent company of the greatest exchange of cryptography in South Korea Bitdeclared a significant increase in the profits of 2024, defying the regulatory challenges in progress.
Chosun Bix, citing the annual business commercial file, reported This operating profit from Dunamu jumped 85.1% to 1.19 Billion from Wons (around $ 682 million) in 2024.
According to the report, the company's revenues increased 70.5% in annual sliding to 1.73 Billion of Wons ($ 1.1 billion), while net profit increased by 22.2%, reaching 983.8 billion won ($ 670 million), compared to 805 billion Wons in 2023.
The report awarded this high performance to an increased negotiation activity fueled by Bitcoin halve. Last April, BTC had its fourth event by half, which reduced block rewards by 6.25 BTC to 3.125 BTC.
Beyond that, the company noted that the positive feeling of investors increased after the American election of Donald Trumpwhich is widely considered favorable to cryptographic markets.
Since its inauguration, the Trump administration has has implemented a series of pro-Crypto movements who have positively Improvement of the emerging industry trajectory And attracted major institutional investors.
At the same time, Dunamu stressed that the expectations of lower interest rates of the federal reserve have contributed to improving global liquidity, which increases the activity of digital assets more.
Regulation problems
Despite the positive financial results, Dunamu remains entangled in a regulatory examination.
South Korean regulators Accused up not to have made reasonable diligence sufficient on many of its users. In response, the Financial Intelligence Unit (FIU) prevented the exchange from accepting new customers or allowing them to transfer virtual assets from March 7.
However, Dunamu Contested the FIU decisionarguing that he had already taken the necessary compliance measures.
The company argued that the sanctions were disproportionate and imposed without understanding the context. According to Dunamu, the penalty could harm its lasting operations.
According to a report From Local Outlet Newsis, a South Korean court temporarily lifted the ban in March 27.
The decision allows Dunamu to challenge the regulatory suspension before the courts and take a break from the ban until a final verdict is held.
Even then, the suspension would not take effect 30 days after the decision – offering critical time of the company to continue to operate without interruption.
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