Dunamu, the parent company of the largest crypto exchange of South Korea, reported a significant increase in income for 2024, with constant regulatory challenges.
Chosun Bix, referring to the company’s annual company request, reported that Dunamu’s operational profit increased by 85.1% to 1.19 trillion (approximately $ 682 million) in 2024.
According to the report, the turnover of the company on an annual basis has risen from 70.5% to 1.73 trillion ($ 1.1 billion), while net profit increased by 22.2%, won by 983.8 billion ($ 670 million) of 805 billion in 2023.
The report attributed these strong performance to increased trading activities fed by Bitcoin -Halving. Last April BTC had its fourth half -half, which reduced block senses from 6.25 BTC to 3,125 BTC.
Furthermore, the company noted that the positive investor sentiment grew after the American election of Donald Trump, which is generally considered favorable for crypto markets.
Since its inauguration, the Trump administration has implemented a series of pro-Crypto movements that have positively improved the process of the emerging industry and have attracted important institutional investors.
At the same time, Dunamu pointed out that the expectations of lower interest rates of the Federal Reserve helped in improving global liquidity, which further stimulates the activity of digital assets.
Regulatory issues
Despite the positive financial results, Dunamu remains entangled in the research into regulations.
South Korean supervisors accused Upbit of not to perform sufficient due diligence on many of his users. In response, the Financial Intelligence Unit (FIU) prohibited the exchange of accepting new customers or through which they can transfer virtual assets from 7 March.
Dunamu, however, disputed the FIU decision and argued that it had already taken the necessary compliance measures.
The company claimed that the sanctions were disproportionate and imposed without understanding the context. According to Dunamu, the fine can cause permanent damage to its activities.
According to a report from Local Outlet Newsis, a South Korean court has temporarily eliminated the prohibition on March 27.
The ruling enables Dunamu to challenge the suspension of the regulations before the court and pauses the enforcement of the prohibition until a definitive judgment has been reached.
Even then the suspension would not get into force after the ruling, making the company the critical time to continue working uninterruptedly.
