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BONK Blasts Off: Upbit Listing Ignites Solana Memecoin

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  • Solana-based meme coin BONK has skyrocketed to new highs after its Upbit listing, with trading volume surging 77%.
  • A large whale recently purchased $3.4 million worth of BONK, signaling strong institutional interest.
  • Technical analysis indicates a bullish trend for the token, with the potential for further price increases.

Solana-powered BONK has taken the meme coin market by storm, hitting new all-time highs after its much-anticipated listing on Upbit. The listing has triggered a parabolic rise, catapulting the market capitalization to over $4.2 billion.

Since listing on South Korea’s premier cryptocurrency exchange, BONK’s trading volume has skyrocketed by 77%. This indicates the growing investor interest in this burgeoning memecoin. Technical analysis reveals that the meme coin has broken out of a long-term consolidation pattern, signaling a potential bullish trend. The recent surge in trading volume and price confirms strong buying interest. As the market enters overbought territory, investors should remain cautious but optimistic about the potential for further upside.

BONK
Source: Cheds Trading

The price of BONK has skyrocketed to a new all-time high of $0.00005916, surpassing DogWife’s previous record. The token also flipped its rival, DogWife with a weekly gain of 75%. This surge in value has bolstered the meme coin’s position as the top meme coin in the Solana ecosystem. However, this influx of investor interest in the meme coin is not limited to retail traders.

Buoyed by the market resurgence, smart money has started to pour in with whales making significant purchases. Blockchain data revealed that a large-scale holder or whale recently bought 65.4 billion BONK tokens in a single transaction, spending a whopping $3.4 million in USDC. This substantial investment underscores the confidence that institutional investors have in its future.

BONK’s Impact on the Solana Ecosystem

That said, the token’s stellar rise has had a profound impact on the Solana ecosystem. The unprecedented buzz and excitement within the community, has captured the attention of new users and investors to the network. As BONK continues to gain traction, it has immense potential to solidify Solana’s position as a leading blockchain platform.

Backed by growing community support, the meme coin is poised to continue its upward trajectory. As the project team executes its roadmap and delivers on its promises, the future of BONK looks bright. Though it has slightly retreated to $0.00005684 at press time, the outlook remains promising for this meme coin.

Upbit KYC Scandal: Could This Be the Largest AML Breach Yet?

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Key Takeaways:

  • Upbit faces allegations of large-scale KYC violations, potentially involving 500,000–600,000 cases.
  • FIU is scrutinizing these violations during Upbit’s license renewal process, raising concerns over compliance.
  • Potential fines for these breaches could significantly impact Upbit’s operations and license status.

South Korea’s Financial Intelligence Unit (FIU) has identified substantial irregularities in Know Your Customer (KYC) procedures at Upbit, the country’s largest cryptocurrency exchange.

According to the report, investigators conducting the review as part of a license renewal found about 500,000 to 600,000 incidences when customer verification was said to have been poorly done. The lapse in compliance is seriously perturbing because it opens up the vista of accounts being misused for money laundering or other illicit activities.

The findings by the FIU follow on-site inspections that began in August and uncovered cases in which identification details that were blurred were accepted. These practices constitute a violation of AML/CTF rules and work against the regulatory framework that is supposed to guarantee the integrity of the crypto ecosystem in South Korea.

Upbit’s Business License Under Threat  

South Korean virtual asset operators are obliged, under the country’s strict cryptocurrency rules and regulations, to renew their licenses every three years.

A renewal process for Upbit has been placed under much scrutiny, given the extraordinary size of suspected violations. Financial authorities will scrutinize each flagged case, with violations carrying fines of as much as 100 million won per case.

The case is serious, with licensure renewal already delayed under current circumstances. While most KYC violations result in fines, the scale of those purported here calls into question whether Upbit’s operational license has been put into jeopardy.

Industry Awaits Regulatory Decision  

These results could have even deeper implications than what happens with Upbit, as it can affect how other exchanges approach compliance. Industry players closely follow the final decision of the FIU, perhaps to indicate further strengthening of the enforcement measures against virtual asset operators in South Korea.

An Upbit official, reached for comment on the questions, asked not to be named, citing the Special Financial Transaction Information Act, which he said prohibits the disclosure of unfinished FIU matters. The future of the exchange hinges on how regulators handle the violations- it can set a model for the nation’s crypto space.

Related Reading | Shiba Inu Sparks Massive Investor Interest: 41,300 Mentions

XRP Surge Leads Pack on Upbit: Snapshot of S.Korea’s Crypto Market

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In the world of cryptocurrencies, XRP has surged ahead as the most traded asset on Upbit, South Korea’s top crypto exchange. Data from CoinMarketCap reveals that the XRP/KRW trading pair amassed a staggering $448.5 million in volume over the past 24 hours. This remarkable figure underscores XRP’s popularity among South Korean traders.

Trailing behind, though by a considerable margin, is the SHIB/KRW pair. Shiba Inu, the meme coin sensation, generated $178.5 million in trading volume. This places it second, though it falls well short of XRP’s numbers.

Bitcoin, often hailed as the king of cryptocurrencies, surprisingly takes the third spot. The BTC/KRW pair saw $171.4 million in trading volume. This shift highlights a unique trend in the South Korean market, where altcoins often outshine their more established counterparts.

South Korea stands out as a major crypto hub. Local traders have shown a marked preference for altcoins, driving substantial volumes on domestic exchanges. Notably, the Korean won surpassed the U.S. dollar in global trading volumes back in April, cementing South Korea’s influence in the crypto sphere.

The cryptocurrency craze in South Korea reached such heights that it became a talking point in the political arena. Earlier this year, candidates vied for the favor of crypto-enthusiastic voters, making digital currencies a key election issue.

XRP’s Market Activity

XRP’s recent performance has captivated the crypto community. The token’s price spiked amid speculation about a rumored settlement between Ripple and the U.S. Securities and Exchange Commission. However, the excitement was short-lived. When the meeting was canceled, XRP’s price took a dramatic plunge.

Meanwhile, Shiba Inu faced its own turbulence. The WarizX hack saw an attacker make off with approximately $100 million worth of SHIB tokens. This incident sent SHIB’s price down by 10%. Despite the setback, the price rebounded once the hacker sold off their stolen tokens.

In the dynamic world of cryptocurrencies, South Korea remains a focal point. With XRP leading the charge on Upbit, and the market’s ever-evolving landscape, traders and enthusiasts alike keep a close watch on the trends emerging from this crypto-savvy nation.

Crypto Exchanges Hit $2.3 Trillion In Q1: Binance’s Dominance Surges

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Crypto trading peaked during the first quarter of 2024, as it did in November 2021. CoinGecko published an extensive report showing that $2.3 trillion in volume was traded across the top ten centralized exchanges during this time period alone, thus demonstrating the continuing importance of centralized platforms within the crypto industry.

Being the biggest exchange among all others, in March 2024, Binance took nearly half the market share —49.7%. The amount of money exchanged through its platform reached a record-breaking $1,142.5 billion, which grew by more than a third (131.6%) compared with the previous month, February 2024.

In March 2024, Upbit became the second biggest exchange with its 9.4% market share and $216.4 billion trading volume which is comparatively high. The speed at which it grew was also impressive; having increased by 181.6% compared to that recorded in February 2024.

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Bybit, on the other hand, held its place as the third largest exchange in terms of market capitalization but only managed an 8.2% market share while transacting $189.0 billion worth of cryptocurrencies by the end month. This meant that together, they controlled over 32.7% of market shares since all other remaining competitors shared less than 8% each.

Binance’s Resurgence in the Crypto Market

Binance’s resurgence was particularly noteworthy, reclaiming its market leader status with a 48.5% share of total spot trading volume in the first quarter of 2024. Despite grappling with regulatory challenges in 2023, Binance experienced a resurgence in trading volumes, buoyed by a flurry of new listings and project launches.

Upbit maintained its stronghold as the second-largest exchange, although its market share slightly dwindled in the face of Binance’s formidable growth. Nevertheless, the exchange capitalized on strong local demand for crypto assets, leveraging new token listings to bolster trading volumes.

Bybit’s rise to the top three showed how fast it has grown, with a 111.8% increase in trading volume from quarter to quarter. These amazing results brushed aside OKX, which was formerly ranked third, and confirmed Bybit’s position as one of the most powerful players in cryptocurrency exchanges.

Binance proved its unrivaled dominance when it became the biggest winner in Q1 2024 by far surpassing other competitors. Five exchanges among the top 10 saw their volumes grow over 100%, while Bitget, Bybit, KuCoin, and Coinbase recorded strong gains but were no match for Binance’s meteoric ascent.

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Binance Retains CEX Lead With 43.7% Market Share

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Binance, the world’s largest centralized exchange (CEX), has maintained its dominance in the market, capturing 43.7% of the total spot trading volume in December 2023. A recent report from CoinGecko titled “Market Share of Centralized Crypto Exchanges, by Trading Volume” revealed that Binance’s spot trading volume surged to $427.1 billion, marking a significant 37.5% month-on-month increase from November 2023’s $310.6 billion.

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Examining Binance and Its Contenders

The study analyzed data from January 1, 2023, to December 31, 2023, focusing on the top 10 centralized exchanges by spot trading volume. Apart from Binance, the top contenders included Upbit, OKX, Bybit, Coinbase, MEXC, Gate, HTX, KuCoin, and Bitget.

Upbit secured its position as the second-largest CEX with a 9.3% market share, experiencing a modest 0.3% growth rate. The exchange recorded a spot trading volume of $90.7 billion in December 2023, continuing its steady performance from the previous month.

OKX emerged as the third-largest exchange, holding an 8.9% market share and a trading volume of $86.8 billion in December 2023. Binance, despite facing regulatory challenges throughout 2023, led the market with a 52.6% market share for the entire year, generating a staggering $3.8 trillion in trading volume.

According to the report, Binance’s market share had gradually declined over the year, starting at 63.5% in January and dropping to 43.7% in December. The regulatory pressure peaked in November, leading to Binance agreeing to a $4.3 billion fine to settle with the Department of Justice (DoJ) and the Commodity Futures Trading Commission (CTFC). Consequently, Changpeng Zhao (CZ) stepped down as the CEO of the exchange.

In the final quarter of 2023, all top 10 centralized exchanges witnessed growth, with MEXC leading the pack by registering an extraordinary 203.7% increase in trading volume ($90.4 billion). This was followed by Bybit, with a growth rate of 162.1% ($107.5 billion), and KuCoin, which grew by 161.2% ($49.2 billion).

KuCoin made a comeback in Q4, reclaiming its spot in the Top 10 after losing it in Q3, edging out Kraken. As of the end of December, KuCoin secured the ninth position with a market share of 3.3%. However, the dynamic landscape of CEX continues to witness fluctuations, with each platform navigating regulatory challenges, market trends, and user demands to secure its standing in the crypto arena.

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Upbit Singapore Secures MPI License From MAS, Boosts Crypto Services

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Upbit Singapore, a subsidiary of the global digital asset group Upbit APAC, has announced that it has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license allows the exchange to provide regulated Digital Payment Token services in compliance with the Payment Services Act 2019.

The MPI license is a prestigious recognition of Upbit Singapore’s commitment to regulatory compliance and adherence to the highest standards set by MAS. The license also enables the exchange to offer a comprehensive suite of financial services to its users, such as fiat-to-crypto trading, which gives users more flexibility and accessibility in managing their digital assets.

Upbit Singapore’s founder and CEO, Alex Kim, expressed his delight at the achievement, saying:

This approval from MAS is a strategic milestone for us to deepen our presence in Singapore, which is at the forefront of digital asset innovation. Singapore, as our global powerhouse, unlocks new capabilities for retail, institutional, and infrastructure focused businesses.

A Global Expansion Strategy For Upbit

The MPI license is a significant achievement for Upbit Singapore and a part of its broader strategy to expand its presence globally and cater to the rising demand for cryptocurrency services. Upbit APAC, which includes regulated digital asset exchanges in Indonesia and Thailand, and VerifyVASP, a leading Travel Rule solution provider.

Singapore, known for its forward-thinking regulatory approach to fintech, serves as an ideal hub for this exchange to strengthen its foothold in the Southeast Asian market. The country has a high regulatory standard for the digital asset industry, cultivating sustainable innovation and consumer protection.

The MPI license also aligns with this exchange’s mission to provide a secure and user-friendly platform for cryptocurrency enthusiasts. With the license in hand, Upbit Singapore is poised to redefine the crypto landscape in the region, offering users a reliable and compliant avenue for their digital asset transactions.

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Upbit’s Regulatory Victory Ignites Singapore’s Crypto Scene

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Upbit, the South Korean cryptocurrency exchange, is making waves in the global crypto industry with its recent in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) license. This regulatory green light represents a significant step in the company’s expansion strategy, positioning Singapore as a key hub for the exchange’s international operations.

Upbit’s parent company, Dunamu, expressed its delight in a recent statement, emphasizing the importance of this development for their subsidiary, Upbit Singapore Pte. Ltd. The in-principle approval is a pivotal milestone, allowing the exchange to continue offering its services while awaiting the full MPI license. This interim status, which Coinbase also underwent before receiving its full license, highlights the rigorous regulatory scrutiny that such institutions face.

Alex Kim, the founder and CEO of Upbit Singapore, underscored the strategic significance of the MAS approval. Kim stated,

“Since 2018, we have been building solid foundations for a robust digital asset business in Singapore, the leading financial hub in Asia.”

He went on to emphasize the role of Singapore as a global powerhouse in the realm of digital asset innovation. This approval opens doors for Upbit to cater to retail, institutional, and infrastructure-focused businesses, further solidifying its presence in the heart of Asia’s financial sector.

Singapore’s Triad of Crypto Titans: Upbit, Coinbase, Circle

Singapore has been attracting major players in the cryptocurrency industry, with Coinbase and Circle also securing MPI licenses. Circle, for instance, is poised to offer digital payment token services as well as cross-border and domestic money transfer services in the city-state. These developments underscore Singapore’s growing reputation as a crypto-friendly jurisdiction with a proactive approach to regulation.

In conclusion, Upbit’s in-principle approval from the MAS marks a pivotal moment in its global expansion journey. The South Korean exchange’s presence in Singapore not only benefits the company but also underscores Singapore’s emergence as a leading hub for digital asset innovation in the Asia-Pacific region. With this new regulatory approval, Upbit is set to play a significant role in shaping the future of the cryptocurrency industry in the Lion City.

UpBit’s Aptos (APT) Debacle: System Error Sparks Crypto Chaos

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UpBit, South Korea’s largest crypto exchange, has caused a stir in the crypto community. Temporarily suspending Aptos (APT) deposits and withdrawals, it’s due to a system error crediting a scam token as genuine, as reported by multiple users.

The incident first came to light when X account Definalist blew the whistle on the issue, prompting UpBit to swiftly acknowledge the problem. In a public statement, the exchange revealed that their system had detected abnormal deposit attempts and, as a precautionary measure, suspended deposits and withdrawals while engineers worked tirelessly to rectify the error.

Screenshot 58
Source: X

The genesis of this crisis appears to be a malicious scam token that directed unsuspecting users to a fraudulent website called ClaimAPTGift.com. Astonishingly, blockchain data reveals that nearly 400,000 Aptos wallets received an airdrop of this deceptive token. A screenshot circulating on social media purportedly shows UpBit inadvertently crediting the fraudulent token as equivalent to the native APT token.

Screenshot 59
Source: X

Aptos Holders Anxious Amid UpBit Chaos

The repercussions of this technical glitch were immediate and profound. Within hours of the error becoming apparent, the price of APT on ByBit, another popular cryptocurrency exchange, skyrocketed by over 35%. However, this meteoric rise was short-lived, as the market corrected itself just three hours later, causing the price to plummet.

Aptos, which boasts the highest trading volume on UpBit in the last 24 hours, has long been a favorite among crypto enthusiasts. The sudden interruption of Aptos-related transactions on UpBit has left traders and investors on edge, uncertain about the fate of their holdings.

The crypto world now eagerly awaits UpBit’s resolution of this issue and an official explanation for the system error. As the industry grapples with the aftermath of this incident, it serves as a stark reminder of the volatility and vulnerability inherent in the world of digital assets.

South Korean Exchange Upbit Takes The Lead In XRP Trading, Surpassing $2.5B In 24-Hour Volume

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South Korea’s largest exchange, Upbit, has emerged as the leader in 24-hour trade volume, surpassing even Binance and other exchanges. XRP’s recent legal victory in the Ripple vs. SEC lawsuit has triggered a massive surge in trading activity, igniting a renewed interest in the market.

The bullish development caught the attention of renowned blockchain reporter Colin Wu, who shared the news on Twitter. Wu’s revelation confirms that South Korean investors have played a significant role in the recent XRP rally.

It is worth noting that the resurgence in investor interest has resulted in a rapid surge in XRP’s trade volume. As of July 13, XRP’s 24-hour volume was $613.5 million. However, the current trade volume has skyrocketed to a staggering $13.58 billion, representing a remarkable 2,114% increase.

Upbit Leads XRP Trading Surge With $2.57B 24-Hour Volume

At the time of Wu’s announcement, Upbit’s 24-hour trade volume for XRP was reported at $2.1 billion, while Binance recorded a volume of $1.7 billion. However, the latest data reveals even more impressive figures for Upbit.

According to CoinGecko, Upbit’s current 24-hour trade volume for XRP sits at $2.57 billion for the XRP/KRW pair, accounting for 18.82% of the global trade volume of XRP across all exchanges.

Simultaneously, Binance has experienced a surge in XRP trade volume, reaching $2.16 billion for the XRP/USDT pair. This figure represents 15.82% of the global XRP trade volume of $13.58 billion. Binance also handles trade volume from other XRP pairs, including XRP/BUSD, XRP/TRY, and XRP/EUR.

The surge in trading activity comes after Judge Torres ruled that XRP should not be classified as a security. The judge also addressed the Securities and Exchange Commission’s (SEC) allegations against Ripple and its executives regarding XRP sales.

While Judge Torres acknowledged that Ripple’s institutional sales of XRP could be considered investment contracts, she clarified that programmatic sales and sales by Chris Larson and Brad Garlinghouse and other distributions do not fall under the category of investment contracts.

XRP’s legal victory sparked jubilation within the XRP community and the broader crypto sphere. Investors flocked to XRP, recognizing it as the only regulated cryptocurrency asset. As a result, XRP experienced a staggering 30% rally in less than three hours.

XRP sustained its rally, surging by 77% to reach a one-year high of $0.82. XRP is trading at $0.79, reflecting a 68% increase over the past 24 hours.

Related Reading: | Bybit Sets Sail For Crypto Success In Cyprus: Secures License For Regulatory Expansion

Upbit Paves The Way For SUI’s Global Adoption: New Asset Joins KRW & BTC Markets

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Upbit, South Korea’s largest crypto exchange, has made an exciting announcement regarding adding a new digital asset to its platform. Starting on May 3rd, 2023, Upbit will introduce SUI (Sui Sui) for trading in the Korean won (KRW) and Bitcoin (BTC) markets.

This move marks a significant milestone as SUI becomes the first project to support domestic and international transactions. 

However, due to the lack of existing trading data on other exchanges, determining the market price may pose some challenges. Investors are advised to exercise caution and make informed decisions when investing in SUI.

Upbit will implement certain restrictions during the initial phase of SUI trading to ensure a safe and secure trading environment. Firstly, for the first five minutes after the start of trading support, sell orders will be limited to prices below 90% of the standard price. 

Additionally, buy orders will be restricted for the same period, and market prices and reserve orders will be limited for the first hour.

Deposit & Withdrawal Services For SUI On Upbit

Deposits for SUI will only be supported from the mainnet network, with deposits through other networks, such as Binance Smart Chain (BSC), not being accepted. 

It’s worth noting that all SUI deposits made after the start of deposit support and before the reference price is registered on CoinMarketCap or before Upbit SUI transaction support will be subject to verification through the travel rule solution, regardless of the token’s price.

Upbit will announce the specific timing for supporting SUI deposit and withdrawal services once the network status has been thoroughly checked. However, users should be aware that the smooth operation and stability of the network are critical factors. 

If deposits and withdrawals are suspended on overseas exchanges, it may also impact the deposit and withdrawal services on Upbit.

In order to comply with regulatory requirements, Upbit urges its users to ensure that their accounts are included in the list of deposit and withdrawal virtual asset providers supported by the exchange. 

Deposits and withdrawals can only be made to personal wallet addresses that have completed the ownership verification process. Moreover, larger deposits of digital assets with unknown origins may require additional scrutiny to identify the source of the funds.

Nevertheless, Upbit’s decision to list SUI reflects its commitment to expanding its digital asset offerings and providing a trusted platform for cryptocurrency enthusiasts. 

Traders and investors eagerly anticipate the commencement of SUI trading on May 4th, 2023, as they seek to explore the potential opportunities offered by this innovative blockchain project.

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