Upbit's Parent Company Reports Surge in Profits and Dividends

The company recently conducted a shareholder meeting where it revealed financial results indicating a significant rise in profits. Common stockholders will now receive 8,777 Korean won ($5.99) per share, up from the previous year's 2,937 won ($2) per share. The company's financial statement also disclosed that it is distributing around 300 billion won ($204.5 million) in dividends, a substantial allocation of its retained earnings. Dunamu reported an impressive 85.1% increase in operating profits year-over-year, reaching 1.18 trillion won ($809 million) for 2024. Net profits for the company also saw a surge of 22.2%, totaling 983.8 billion won ($671 million). The company attributes this growth to various factors, including the bitcoin halving event and a positive investment climate. Dunamu also emphasized the impact of global liquidity increase related to Donald Trump's election and expectations of U.S. interest rate cuts on its strong financial performance. Upbit remains the largest cryptocurrency exchange in South Korea and a significant player in the global market, with a record $101 billion trading volume in February alone. However, the exchange has recently faced scrutiny from local regulators, with South Korea's Financial Intelligence Unit expressing concerns over potential breaches in know-your-customer (KYC) protocols and unregistered foreign exchange transactions. Despite the FIU's attempts to impose restrictions on Upbit, a Seoul court ruled in favor of Dunamu, temporarily halting the penalties for 30 days.