VASPCheck

VASP Compliance Summary — Upbit

Dunamu Inc. · Exchange · South Korea

Exported 2026-08-25

Data reviewed 2026-08-12

Overview

Compliance snapshot

Overall regulatory statusRegistered

EU MiCA statusNo EU authorization

KoFIU VASP registration — real-name bank account regime (K-Bank)
No EU or UK authorization; KRW-denominated order books dominate volume
Trustpilot 3.6/5 · 1,180 reviews
Regulatory review of AML record-keeping closed with undertakings in 2025

Low concern

Registered VASP with the Korean FIU and real-name banking arrangements, but activity is concentrated in one jurisdiction and one fiat currency with no EU authorization.

Authorizations

Licenses & registrations

Jurisdiction	Regulator	Authorization	Status	Reference	Granted
South Korea	Korea Financial Intelligence Unit KoFIU · https://www.kofiu.go.kr	VASP registration (real-name accounts)	Registered	KOFIU-2021-0007	2021-09-24
Singapore	Monetary Authority of Singapore MAS · https://eservices.mas.gov.sg/fid	Exempt payment service arrangement (DPT, in-principle)	Pending	PS-IP-2024-0611	2024-06-11

Reputation

Reputation scores

Trustpilot-style score3.6 / 5

Reviews1,180

App Store4.4

Google Play4.1

12-month trendflat

Press sentiment (12m)+5 / ~3 / −2

Media

Recent press

Date	Source	Headline & summary	Sentiment
2026-07-30	Reuters	Upbit keeps dominant share of Korean spot volume Domestic market share stayed above 70% following renewed real-name banking arrangements.	Positive
2026-05-14	Bloomberg	Korean FIU tightens travel-rule reporting Upbit said its reporting pipeline already meets the revised thresholds.	Neutral
2026-03-03	CoinDesk	Dunamu explores overseas listing The operator confirmed early-stage work on an international listing.	Neutral
2025-11-19	Financial Times	Korean regulator reviews exchange AML records A supervisory review of customer verification records concluded with remedial undertakings.	Negative
2025-08-07	Reuters	Upbit adds institutional custody tier A segregated custody product for domestic institutions went live.	Positive

Risk events

Incidents & enforcement

Date	Type	Amount	Description
2025-11-19	Enforcement	—	Korean FIU review of customer due-diligence records; closed with remedial undertakings and a corrective plan.
2019-11-27	Hack	USD 49,000,000	Hot-wallet theft of ETH covered in full from corporate reserves; customer balances unaffected.

Profile

Key facts

Founded2017

Websiteupbit.com

Fiat currenciesKRW

Proof of reservesPartial

Custody modelIn-house cold storage with real-name bank settlement

Legal entitiesDunamu Inc. (KR) · Dunamu Global Pte Ltd (SG)

Upbit

RegisteredNo EU authorizationESMA register

Dunamu Inc.

Exchange🇰🇷 South Korea Founded 2017upbit.com

Visit website

Last reviewed

2026-08-12

Compliance snapshot

KoFIU VASP registration — real-name bank account regime (K-Bank)
No EU or UK authorization; KRW-denominated order books dominate volume
Trustpilot 3.6/5 · 1,180 reviews
Regulatory review of AML record-keeping closed with undertakings in 2025

Overall concern

Low concern

Registered VASP with the Korean FIU and real-name banking arrangements, but activity is concentrated in one jurisdiction and one fiat currency with no EU authorization.

Regulatory

Licenses & registrations

Jurisdiction	Regulator	Authorization	Status	Reference	Granted
🇰🇷 South Korea	Korea Financial Intelligence UnitKoFIU	VASP registration (real-name accounts)	Registered	KOFIU-2021-0007	2021-09-24
🇸🇬 Singapore	Monetary Authority of SingaporeMAS	Exempt payment service arrangement (DPT, in-principle)	Pending	PS-IP-2024-0611	2024-06-11

🇰🇷 South Korea
Registered
VASP registration (real-name accounts)
Korea Financial Intelligence UnitKoFIU
KOFIU-2021-00072021-09-24
Verify at source
🇸🇬 Singapore
Pending
Exempt payment service arrangement (DPT, in-principle)
Monetary Authority of SingaporeMAS
PS-IP-2024-06112024-06-11
Verify at source

User signals

Reputation

Trustpilot-style score

3.6/ 5

3.6

1,180 reviews

Stable (12m)

App ratings

App Store: 4.4
Google Play: 4.1

Press sentiment (12m)

Positive5

Neutral3

Negative2

Media

Recent press

2026-07-30
Upbit keeps dominant share of Korean spot volumePositive
Reuters — Domestic market share stayed above 70% following renewed real-name banking arrangements.
2026-05-14
Korean FIU tightens travel-rule reportingNeutral
Bloomberg — Upbit said its reporting pipeline already meets the revised thresholds.
2026-03-03
Dunamu explores overseas listingNeutral
CoinDesk — The operator confirmed early-stage work on an international listing.
2025-11-19
Korean regulator reviews exchange AML recordsNegative
Financial Times — A supervisory review of customer verification records concluded with remedial undertakings.
2025-08-07
Upbit adds institutional custody tierPositive
Reuters — A segregated custody product for domestic institutions went live.

History

Incidents & enforcement

2025-11-19Enforcement
Korean FIU review of customer due-diligence records; closed with remedial undertakings and a corrective plan.
2019-11-27HackUSD 49,000,000
Hot-wallet theft of ETH covered in full from corporate reserves; customer balances unaffected.