South Korean Crypto Exchange Upbit Lists COMP, Sending the Token's Price Soaring by 70%

South Korean crypto exchange Upbit has made a striking announcement, catapulting the Compound (COMP) token's price by an impressive 70%

Crypto exchange Upbit has announced the addition of the Compound (COMP) token to the Upbit KRW market. The exchange will begin supporting deposits and withdrawals of the Compound token from April 1, 2025, in the Ethereum network.

Upbit’s announcement has quickly impacted the Compound price. The token has now reached its highest price in three months.

What Happened: Prominent crypto exchange Upbit will be adding the Compound (COMP) token to its Korean crypto market. According to a recent announcement by the exchange, it will begin supporting deposits and withdrawals of the Compound token from April 1, 2025.

The exchange will be supporting the token’s transactions only in the Ethereum network.

Upbit’s announcement has quickly impacted the crypto market, especially with traders reacting to the news.

The trading volume of the Compound token has surged by a whopping 764% following the announcement.

The exchange’s decision to list the Compound token comes amid heightened scrutiny from the South Korean regulator over the crypto platform.

Earlier this year, the Financial Intelligence Unit (FIU) of Korea ordered the suspension of Upbit’s business for allegedly failing to comply with administrative orders related to reporting suspicious transactions.

In response, Upbit filed an appeal against the FIU’s decision, seeking to overturn the business suspension order.

The price of the Compound token has been hovering between $40 and $45 over the past week.

However, following Upbit’s announcement to list the token, the COMP price surged to a three-month high of $71.04, marking an increase of more than 70%.

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Why It’s Important: Upbit’s decision to list the Compound token could attract more traders and investors, which could increase the trading volume and liquidity in the market.

This development comes at a time when South Korea is increasing its scrutiny over the crypto space.

Recently, Google decided to ban 17 crypto exchanges from its advertising network. Among the affected exchanges are major platforms like Binance, Huobi, and FTX.

The crypto exchange industry in South Korea has been a subject of intense interest and scrutiny in recent times.

Earlier this year, the FIU ordered the suspension of Upbit’s business for allegedly failing to comply with administrative orders related to reporting suspicious transactions.

In response, Upbit filed an appeal against the FIU’s decision, seeking to overturn the business suspension order.

The price of the Compound token has shown significant movement. At press time, the Compound price is up by 35% over the past 24 hours, trading at $56.88.

The token has seen notable gains of 15% over the past week and 3% over the month, with a 24-hour trading volume of $246.59 million and a market cap of $451.45 million, placing it among the top 100 crypto assets.

Analyst from Moralis noted the impact of the Upbit listing on Compound as the token makes a comeback.