Upbit launched in South Korea on October 24, 2017 with the help of their partnership with American cryptocurrency exchange Bittrex.
Sirgoo Lee was named CEO of Dunamu, Upbit’s parent company, on December 21, 2017, with Dunamu founder and CEO Chi-hyung Song assuming the role of Chairman. Lee previously served as Co-CEO of Kakao Corp. and JOINS, Inc.
Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume.
On May 10, 2018 its main office was raided as part of a fraud probe.
In December 2018, Upbit became the first cryptocurrency exchange in the world to receive certifications from the Korea Internet and Security Agency for Information Security Management System (ISMS) and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017) and cloud privacy (ISO 27018).
Upbit ranked third globally and first in Korea in the April Market Surveillance Report published by the Blockchain Transparency Institute (BTI) on April 12, 2019. The ranking is based on 24-hour trading volume. BTI also recognized Upbit as a BTI Verified exchange, indicating that it is among the cleanest exchanges in BTI’s global ranking.