Upbit

Markets

South Korea Orders Crypto Exchanges to Verify Asset Holdings Every 5 Minutes. One Exchange Error Made It Happen.

The FSC's emergency inspection found three of South Korea's five major platforms reconciling balances only once every 24 hours. The trigger: Bithumb crediting 620,000 BTC — roughly $56 billion — to 249 users instead of 620,000 Korean won. Regulators have now mandated five-minute reconciliation cycles, automatic kill switches, monthly external audits, and daily public disclosure of results. The deadline is May 2026.

By Ramy Morton
News

South Korea Fines Coinone $3.5M and Suspends New User Services

South Korea's FIU found 70,000 unverified customer accounts and 10,113 trades routed through 16 unregistered overseas platforms. The three-month partial suspension runs from April 29 to July 28. Existing users retain full access; only new account onboarding is blocked.

By Jan Kara

Upbit Overview

Upbit is South Korea’s largest crypto exchange, operated by Dunamu and central to the country’s outsized retail market. This tag tracks Upbit’s dominant KRW trading volume, the regulatory scrutiny over its market share and compliance, DAXA listing decisions, and the Korean premium it helps set. Coinliva covers the volume data, the regulatory pressure, and Upbit’s influence on Asian markets.