Dunamu, the operator of the Upbit crypto exchange, experienced an impressive 85.1% rise in operating profit for 2024, driven by Bitcoin’s halving and favorable crypto policies in the United States.
The firm behind the South Korean exchange Upbit enjoyed a robust year in 2024, with substantial increases in both revenue and profit. Insights from its latest earnings report suggest that improved market sentiment and key events in the crypto world may have influenced this growth.
As per the company’s regulatory disclosure, its revenue for 2024 soared to KRW 1.7316 trillion (approximately $1.3 billion), reflecting a 70.5% increase from the previous year. Operating profit saw an even more significant jump of 85.1%, reaching KRW 1.1863 trillion, while net income grew by 22.2%.
Dunamu attributes much of this growth to “the impact of Bitcoin halving and enhanced investor sentiment.” Optimism surrounding U.S. policies may have also played a role. The firm noted that “anticipation of supportive crypto regulations following Donald Trump’s election” and the Federal Reserve’s stance on interest rates “appear to have made a substantial impact.”
The earnings report comes at a pivotal moment for Upbit, as a South Korean court has provisionally lifted a three-month business suspension that had inhibited the exchange from bringing on new clients.
Earlier this year, the country’s Financial Intelligence Unit imposed sanctions on Upbit, freezing deposits and withdrawals for new users, claiming that the exchange had broken regulations by engaging with unregistered virtual asset service providers.
In response, Dunamu promptly filed a lawsuit against the FIU to contest the suspension, also seeking an injunction to overturn the ban. On March 27, local news sources reported that a Korean court granted the injunction, delaying the suspension until 30 days after a final verdict is reached.