Customer Story Upbit logo

Upbit Positions Itself for Future Success in Asia

  • Protecting our customers: Through real-time alerts via KYT and Reactor, we are able to continue to protect our customers. We fully appreciate how Chainalysis mitigates the risk for our customers; this is a critical need. 
  • Building trust: It’s important to us to maintain our reputation as a service provider with the utmost credibility and integrity. We pride ourselves in being a company that does not partake in things like wash trades or fake trading volumes.
  • Managing regulatory relationships: Having subscribed to Chainalysis blockchain monitoring service has helped us meet our regulatory compliance requirements. Our usage of KYT keeps us on top of our game with regards to transaction monitoring and risk mitigation. 

We’re very impressed with the level of professionalism, dedication, and service from the Chainalysis team. As we continue to join forces, there’s a very bright future ahead, especially here in Singapore.”

-Azman Hamid, General Counsel and Director, Upbit APAC Private Limited

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About Upbit

Upbit is building a sustainable blockchain business with the objective of being one of the most reputable digital assets and blockchain operators in the financial industry, placing a premium on investors protection, regulatory compliance mitigating AML / CFT risks and cyber security.

The Challenge

Dunamu, a technology software provider for financial services in South Korea and operator of Upbit, saw the opportunity in 2017 to launch a digital asset exchange platform. To develop a reputable, globally scalable, technology platform, Upbit quickly realized the necessity of partnering with a blockchain monitoring service—one that shares the same level of commitment towards regulatory compliance, professional excellence, international standing, and sound reputation.

The Solution

Upbit selected Chainalysis Know Your Transaction (KYT) to monitor their crypto transactions and detect potentially suspicious activity, and Chainalysis Reactor to investigate and combat criminal activity, money laundering, and terrorist financing on the blockchain.

The training and education which Chainlysis provides for its investigative tool is top-notch, and we value the close collaboration with our respective teams.”

Why were you seeking a solution provider?

In October 2017, our parent company Dunamu, recognizing the opportunity to establish a digital asset exchange platform, launched Upbit in Korea. To prepare for the launch of Upbit, the team realized very quickly that it was critical to have a blockchain monitoring service. We needed to adapt to the new world and find an experienced partner in the space.

Why did you select Chainalysis?

The most important criteria was to select the most professional and reputable partner. Chainalysis was present in the industry as one of the early companies in this space. We selected them due to their strong reputation as a blockchain monitoring solution.