Dunamu, the company behind South Korean crypto exchange Upbit, has reported KRW 1.73 trillion in consolidated revenue for 2024, marking a 70.5% increase from the previous year’s KRW 1.01 trillion.
The company’s operating profit surged by 85.1% to KRW 1.18 trillion, while net income rose 22.2% year-on-year to KRW 983.8 billion.
The company attributes its strong financial performance to favorable market conditions, driven by Bitcoin’s halving event and heightened investor interest in digital assets. Optimism in the crypto market was further fueled by expectations of pro-crypto policies following Donald Trump’s election victory in November 2024, alongside the U.S. Federal Reserve’s decision to cut interest rates.
Amid tightening regulations, Dunamu has reinforced its commitment to market stability and investor protection. Following the enforcement of South Korea’s Virtual Asset User Protection Act in July 2024, the company has been actively aligning with regulatory frameworks to foster a secure and transparent digital asset ecosystem.
Founded in 2012, Dunamu operates at the intersection of digital assets, securities, and asset management, positioning itself as a leading global platform bridging blockchain technology with traditional finance.
However, Dunamu’s strong earnings report comes amid a crucial legal battle over Upbit’s business suspension. A South Korean court has temporarily lifted a three-month ban that prevented the exchange from onboarding new users.
In February 2025, South Korea’s Financial Intelligence Unit (FIU) imposed a three-month suspension on Upbit, restricting deposits and withdrawals for new users. The regulatory body accused the exchange of violating compliance rules by engaging in transactions with unregistered virtual asset service providers (VASPs).
In response, Dunamu swiftly took legal action against the FIU, filing a lawsuit to challenge the decision while also seeking an injunction to overturn the ban. According to local reports on March 27, a Korean court granted the injunction, postponing the suspension until 30 days after a final ruling is issued.
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