The parent company of Upbit, which is South Korea’s largest cryptocurrency exchange, Dunamu, reported that its revenue for the third quarter was $205 million and that its profit was $124 million. These figures represent decreases of 66% and 76%, respectively, when compared to the same period in the prior year.
Both revenue and operating profit took a hit during the third quarter, falling by 24.1% and 39.3%, respectively, compared to the previous period. In this regard, Dunamu said that the ongoing fall in global liquidity as well as the general contraction of the capital market had an influence. The success or failure of Dunamu may be attributed, in large part, to the operation of the cryptocurrency exchange Upbit.
As a preventative move to improve its ethical management, Dunamu has extended its trading limitations to include members of the executives’ and employees’ immediate families.
Since the month of August, Dunamu has implemented policies that limit cryptocurrency trading by immediate family members of company employees and executives. The ban was formerly confined to executives and employees, but Dunamu broadened it to include their families.
In other news relating to this topic, Upbit was the driving force behind the decision to delist WEMIX that was made by the Digital Asset Exchange Joint Consultative Body (DAXA). The Chief Executive Officer of Wemade leveled accusations of hypocrisy against Upbit, claiming that the latter had applied inconsistent rules and failed to provide Wemade with the token supply criteria.
The chief executive officer also brought up the fact that Upbit applies or uses different rules when dealing with other projects, some of which did not even tell the exchange about the total number of tokens that they want to issue for their individual projects.
