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News

Upbit Trading Volume Soars, Overwhelming 80% Of The South Korean Crypto Market

April 25, 2024 - Around 2 mins mins to read

Key Points:

  • Upbit trading volume dominates South Korea’s crypto market, comprising over 80%.
  • New regulations may inadvertently bolster Upbit’s influence, sparking concerns about market control.
  • Regulatory conservatism hampers local crypto innovation despite South Korea’s significant trading volume.
According to Bloomberg, South Korea’s Upbit trading volume dominates the crypto scene, accounting for over 80% of the nation’s trading volume.
Upbit Trading Volume Soars, Occupying 80% Of The South Korean Crypto Market
Upbit Trading Volume Soars, Overwhelming 80% Of The South Korean Crypto Market 2

Upbit Trading Volume Is Currently Dominating In South Korea

With its base in Seoul’s upscale Gangnam district, Upbit has become the epicenter of South Korea’s crypto frenzy, where the won now surpasses the dollar in crypto transactions. Upbit trading volume currently ranks 5th among crypto exchanges globally behind only OKX, Binance, Coinbase and Bybit.

At the onset of April, the 24-hour trading volume at Upbit plummeted to $4 billion from its peak in March. On March 5, the exchange experienced a staggering daily trading volume of nearly $15 billion, marking the highest figure recorded in 2024.

Last year, Upbit’s customers nearly contributed a fifth of total deposits from its major banking partners, sparking concerns from lawmakers about its market influence.

The regulatory changes require exchanges to bolster reserves, obtain investor-protection insurance, and enhance surveillance against suspicious transactions. However, these measures risk reinforce Upbit’s dominance rather than curbing it. Now, amid new regulations aimed at protecting investors, Upbit’s stronghold may tighten further.

Web3 Scene Is Poor in Korea

Despite South Korea’s status as a crypto trading leader, it lags in Web3 entrepreneurship due to regulatory conservatism, according to Ki Young Ju, CEO of CryptoQuant. While trading volumes soar, regulatory hurdles stifle innovation, akin to listing more foreign stocks on the Korea Stock Exchange while local innovation struggles.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Binance

Bybit

Coinbase

OKX

South Korea

Upbit

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Upbit Trading Volume Soars, Overwhelming 80% Of The South Korean Crypto Market

Key Points:

  • Upbit trading volume dominates South Korea’s crypto market, comprising over 80%.
  • New regulations may inadvertently bolster Upbit’s influence, sparking concerns about market control.
  • Regulatory conservatism hampers local crypto innovation despite South Korea’s significant trading volume.
According to Bloomberg, South Korea’s Upbit trading volume dominates the crypto scene, accounting for over 80% of the nation’s trading volume.
Upbit Trading Volume Soars, Occupying 80% Of The South Korean Crypto Market
Upbit Trading Volume Soars, Overwhelming 80% Of The South Korean Crypto Market 4

Upbit Trading Volume Is Currently Dominating In South Korea

With its base in Seoul’s upscale Gangnam district, Upbit has become the epicenter of South Korea’s crypto frenzy, where the won now surpasses the dollar in crypto transactions. Upbit trading volume currently ranks 5th among crypto exchanges globally behind only OKX, Binance, Coinbase and Bybit.

At the onset of April, the 24-hour trading volume at Upbit plummeted to $4 billion from its peak in March. On March 5, the exchange experienced a staggering daily trading volume of nearly $15 billion, marking the highest figure recorded in 2024.

Last year, Upbit’s customers nearly contributed a fifth of total deposits from its major banking partners, sparking concerns from lawmakers about its market influence.

The regulatory changes require exchanges to bolster reserves, obtain investor-protection insurance, and enhance surveillance against suspicious transactions. However, these measures risk reinforce Upbit’s dominance rather than curbing it. Now, amid new regulations aimed at protecting investors, Upbit’s stronghold may tighten further.

Web3 Scene Is Poor in Korea

Despite South Korea’s status as a crypto trading leader, it lags in Web3 entrepreneurship due to regulatory conservatism, according to Ki Young Ju, CEO of CryptoQuant. While trading volumes soar, regulatory hurdles stifle innovation, akin to listing more foreign stocks on the Korea Stock Exchange while local innovation struggles.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.