South Korean exchange Upbit entered the first …
South Korean exchange Upbit came out on top in terms of trading volume despite regulatory pressure
The South Korean exchange Upbit began transmitting data to CoinMarketCap this Tuesday and immediately became the largest trading platform in terms of 24-hour trading volume. Writes about it Bitcoin.com.
Over the past 24 hours, $ 5.8 billion passed through Upbit, followed by Bithumb with $ 4.31 billion and Binance with $ 4.27 billion.In terms of trading volume in Bitcoin, Upbit is only the fourth after Bitfinex, OKEx and Binance..
In December, Upbit reported that the number of its users exceeded 1.2 million. The platform is used by 1 million people per day. Note that today the number of Binance users has exceeded 6 million people, as the company announced on its Twitter..
Upbit was launched in October 2017 by Dunamu Inc, which received 30 billion won ($ 28 million) in funding from the popular Korean messenger developer Kakao Corporation. Dunamu is also the operator of the Kakao Stock securities markets trading application.
Largely thanks to cooperation with the American exchange Bittrex, Upbit was able to include 121 cryptocurrencies in its listing, which are available for trading in 210 pairs, according to information on the website.
The rapid growth of Upbit and other cryptocurrency exchanges has attracted the attention of regulators. Subsequently, the South Korean exchanges founded their own association and announced that they were moving to self-regulation. However, Upbit refused to join the association and on December 30 said the following: “The company plans not only to actively accept all the requirements put forward by the government, but also to create a safe and transparent environment for cryptocurrency trading by strengthening self-regulation measures.”.
In line with this promise, Upbit changed its operating conditions at the end of December to meet the latest regulatory requirements..
Almost a month later, on January 11, Upbit applied for registration as a member of the Korean Blockchain Association and agreed to follow the principles adopted by the group..
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