Upbit headquarters in Seoul / Yonhap

Upbit, Korea's largest cryptocurrency exchange, was ranked fourth among the world's most trustworthy cryptocurrency exchanges by Forbes.

According to Upbit's operator Dunamu, Tuesday, the exchange was ranked fourth globally and first domestically in "The World's Most Trustworthy Crypto Exchanges and Marketplaces" Forbes announced.

Forbes evaluated 646 operators regarding internal controls and security capabilities based on the data provided by the crypto data platform CoinGecko. It then selected and ranked the top 20 operators.

Forbes used the following weighting for its criteria: Bitcoin and Ethereum holdings (20 percent), regulatory compliance (20 percent), transparency (15 percent), financial soundness (15 percent), trading fees (10 percent), corporate and institutional clients (5 percent), average daily spot trading volume (5 percent), average daily derivatives trading volume (5 percent) and cryptocurrency-based products (5 percent).

Upbit scored 7.4 out of 10, ranking just after Coinbase, CME Group and Robinhood, all hailing from the United States.

Upbit scored high in transparency, low trading fees and financial soundness.

"Upbit will continue to strive to be a recognized cryptocurrency exchange both domestically and internationally by enhancing service quality, security and investor protection," Dunamu CEO Lee Sirgoo said.