Upbit's Parent Company Boosts Shareholder Dividends

Dunamu, the organization behind South Korea's Upbit exchange, has significantly boosted its cash dividend payouts for shareholders, tripling the amount given out compared to last year.

The parent company of South Korea's Upbit exchange, Dunamu, has significantly boosted its cash dividend payouts to shareholders, tripling the amount given out compared to last year.

At a recent shareholder meeting, the company revealed that each common stockholder will receive 8,777 Korean won ($5.99) per share for last year, up from the 2,937 won ($2) per share paid out in the prior year.

The company's financial statement shows that it is planning to distribute around 300 billion won ($204.5 million) in dividends, engaging in a major distribution of its retained earnings.

Reporting an 85.1% year-over-year increase in operating profits to 1.18 trillion won ($809 million) for 2024 and a 22.2% surge in net profits to 983.8 billion won ($671 million), Dunamu attributed this growth to several factors.

The company mentioned the bitcoin halving event and a positive investment climate as contributors to its earnings.

Highlighting the impact of global liquidity increase linked to Donald Trump’s election and expectations surrounding U.S. interest rate cuts, Dunamu believes these played a crucial role in its strong financial performance.

Upbit, recognized as the largest crypto exchange in South Korea and a major player in the global exchange market, reported a record $101 billion in trading volume in February.

However, the exchange has faced scrutiny from local regulators.

The Financial Intelligence Unit raised concerns over potential breaches in KYC protocols and unregistered foreign exchange transactions, leading it to impose restrictions on Upbit.

Despite the FIU's move, a Seoul court ruled in favor of Dunamu, halting the penalties for 30 days.