Crypto exchange Upbit operator Dunamu posts 85% surge in operating profit

Dunamu, the operator of crypto exchange Upbit, posted an 85.1% increase in operating profit for 2024, fueled by Bitcoin’s halving and pro-crypto policies in the U.S.

Dunamu, the company behind South Korean crypto exchange Upbit, had a strong 2024, with revenue and profit rising sharply, as its latest earnings report suggests that improved investor sentiment and major crypto events may have played a role.

According to the company’s regulatory filing, its 2024 revenue reached KRW 1.7316 trillion (around $1.3 billion), up 70.5% from the previous year. Operating profit grew even more, surging 85.1% to KRW 1.1863 trillion, while net income rose 22.2%.

Dunamu sees a few possible reasons for the growth, saying that “Bitcoin halving and improved investor sentiment” played a big part. Hopes around U.S. policies may have helped too. The company pointed to “anticipation of pro-crypto policies following Donald Trump’s election” and the Fed’s rate-cut stance, which “appear to have significantly contributed.”

The earnings report comes just as Upbit catches a break in its legal battle. A South Korean court has temporarily lifted a three-month business suspension that blocked the exchange from onboarding new clients.

Back in February, the country’s Financial Intelligence Unit sanctioned Upbit, blocking deposits and withdrawals for new users, alleging that the exchange violated rules by dealing with unregistered virtual asset service providers.

Dunamu quickly fired back by filing a lawsuit against the FIU to challenge the suspension and seeking an injunction to lift the ban. On March 27, local news outlets reported that a Korean court granted the injunction, postponing the suspension until 30 days after a final ruling.