Who is behind Upbit Exchange TH28.10.26

The operating company is Upbit Exchange (Thailand) Co., Ltd. — Thai SEC-licensed (exchange, token exchange, broker, token broker), running th.upbit.com. Registered capital at launch was 80 million baht. There's also Upbit Holdings (Thailand) Co., Ltd., the Thai holding vehicle incorporated in 2018.
Ownership chain:
Upbit Exchange (Thailand) Co., Ltd.
   ← JV of Upbit APAC Pte. Ltd. (Singapore) + Thai shareholders
   ← Upbit APAC is part of Dunamu Inc. (Seoul), operator of Upbit Korea
   ← Dunamu is being acquired by Naver Financial (announced Nov 2025)
The Thai side (founding JV partners, per Dunamu's own announcement):
- Chatchaval Jiaravanon — CP Group (Charoen Pokphand) family, son of Sumet Jiaravanon; owner of Fortune magazine; family net worth north of $36B.
- Somphote Ahunai — founder and former CEO of Energy Absolute PCL. Note: Thailand's SEC filed fraud charges against him in July 2024 over EA equipment purchases; he resigned and is contesting the case. He's a founding backer, not the operator.
- Preecha Praipattarakul — Thai businessman, described as the first Thai CEO of a Nasdaq-listed company.
- CEO: Peeradej Tanruangporn.
The Korean side: Dunamu Inc., founded by Song Chi-hyung, operator of Upbit Korea (~70–80% of Korean crypto volume). Dunamu's shareholder base now includes Song and co-founder Kim Hyung-nyun, Kakao (down to 4.03% after selling $670M to Hana Bank in 2026), Hana Bank (6.55%), and Samsung/Hanwha affiliates (20% combined). The Naver Financial all-stock acquisition was announced Nov 2025; closing has slipped and is now targeted for end-2026.
What this means practically: Upbit TH is a real, licensed, well-capitalised entity with Korean exchange technology and Thai billionaire money behind it — not a shell. The two things worth knowing: Somphote's fraud case is a reputational drag on the Thai side, and Upbit Korea suffered a ~$36.9M Solana hot-wallet breach in Nov 2025 (different legal entity, same group tech). Exact JV percentages aren't public — Thai private companies don't have to disclose them.

Anonymous

Who is behind Upbit Exchange TH28.10.26

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