What is Upbit?

I've been staring at spot market volume charts for three straight days trying to decode why completely obscure tokens keep printing random 45% daily green candles, and the trail always ends at the exact same South Korean platform.

So I have to ask—what is Upbit, really?

I consider myself decent enough at reading basic market flows, but this specific exchange feels entirely walled off to outsiders. Last Tuesday, I tracked a bizarre liquidity pocket on a mid-cap coin I hold. A massive 82% of the global 24-hour volume was suddenly happening over there, totally ignoring western markets. I figured I'd quickly register, move some USDT, and capture that sweet arbitrage premium.

Nope.

I instantly slammed face-first into their incredibly strict identity verification process. From what I gather, if you aren't physically holding a local K-Bank fiat account, you are basically locked out of the primary fiat gateways—which severely limits your options, right?

Here is what my frustrated late-night research turned up so far:

• Local dominance: They apparently hold roughly 70% of the entire South Korean crypto market share.
• The famous premium: Prices often trade significantly higher there during hype cycles due to strict regional capital controls.
• Wild listing effects: A mere rumor of an asset landing on their order book spikes prices instantly.

Are any of you actually trading on this thing from outside of Korea? If so, how are you handling the deposit restrictions without instantly triggering an account freeze?

I genuinely need a reality check.

Is it even worth the headache for an international retail trader to jump through these hoops, or should I just accept that I'll always be late to their weird, hyper-local liquidity cycles? Would love some practical workarounds if anyone has cracked this specific puzzle.