Upbit Singapore acquired a Major Payment Institution license after receiving an in-principle permit in October.
According to CoinMarketCap, Upbit's South Korean exchange processes over half of all spot cryptocurrency transactions in the local market.
The Singapore unit of South Korean cryptocurrency exchange Upbit has received a Major Payment Institution (MPI) license from the city-state's chief financial regulator.
The Monetary Authority of Singapore issued the license less than three months after the business gained in-principle clearance from the regulator in October.
Upbit Singapore's parent firm, Upbit APAC, also runs cryptocurrency trading platforms in Thailand and Indonesia, according to the statement.
According to CoinMarketCap data, the Upbit exchange accounts for around 48% of all spot crypto trading volume in South Korea. According to the data, it processed $4.2 billion in cryptocurrency transactions during the last 24 hours. It is one of South Korea's five fully licensed exchanges, with Bithumb, CoinOne, Korbit, and Gopax.
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