Upbit operator Dunamu reported a surge in profitability, with $165 million in net income for the third quarter, marking a 300% increase from last year. Revenue climbed to $266 million, operating profit rose 54%, and net income jumped 145%. The company credits rising trading activity and global market rebound.

Dunamu attributes its improved performance to regulatory developments in the US, including the passage of the Genius Act, Clarity Act, and Anti-CBDC Bill. These measures boosted investor confidence and institutional participation. Since 2022, Dunamu has faced heightened reporting requirements due to having more than 500 shareholders.

Major crypto firms like TeraWulf and BitFuFu saw a revenue increase last quarter. Naver Financial, the fintech arm of South Korea’s largest internet company, is preparing to acquire Dunamu. Upbit Korea is the largest crypto exchange in South Korea in terms of trading volume and customer base.

Read more at Cointelegraph: Dunamu’s Q3 Profit Surges Over 300% to $165M Amid Regulatory Clarity