Dunamu, the father or mother firm of South Korea’s largest crypto alternate UPbit, reported a big improve in earnings for 2024, defying ongoing regulatory challenges.
Chosun Bix, citing the agency’s annual enterprise submitting, reported that Dunamu’s working revenue surged 85.1% to 1.19 trillion received (roughly $682 million) in 2024.
In response to the report, the agency’s income climbed 70.5% year-over-year to 1.73 trillion received ($1.1 billion), whereas internet revenue rose 22.2%, hitting 983.8 billion received ($670 million) from 805 billion received in 2023.
The report attributed this robust efficiency to heightened buying and selling exercise fueled by Bitcoin halving. Final April, BTC had its fourth halving occasion, which slashed block rewards from 6.25 BTC to three.125 BTC.
Past that, the agency famous that optimistic investor sentiment grew following the US election of Donald Trump, who’s extensively seen as favorable to crypto markets.
Since his inauguration, the Trump administration has carried out a collection of pro-crypto strikes which have positively improved the trajectory of the rising trade and attracted vital institutional buyers.
On the identical time, Dunamu identified that the expectations of decrease rates of interest from the Federal Reserve helped enhance world liquidity, additional boosting digital asset exercise.
Regulatory points
Regardless of the optimistic monetary outcomes, Dunamu stays entangled in regulatory scrutiny.
South Korean regulators accused Upbit of failing to conduct adequate due diligence on lots of its customers. In response, the Monetary Intelligence Unit (FIU) barred the alternate from accepting new clients or permitting them to switch digital belongings beginning March 7.
Nevertheless, Dunamu contested the FIU’s determination, arguing that it had already taken vital compliance measures.
The agency maintained that the sanctions have been disproportionate and imposed with out understanding the context. In response to Dunamu, the penalty might trigger lasting hurt to its operations.
In response to a report from native outlet Newsis, a South Korean courtroom briefly lifted the ban on March 27.
The ruling permits Dunamu to problem the regulatory suspension in courtroom and pauses the ban’s enforcement till a closing verdict is reached.
Even then, the suspension wouldn’t take impact for 30 days after the ruling—providing the corporate important time to proceed working uninterrupted.
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