South Korea: Crypto exchanges Upbit, Bithumb, Coinone attract millions of users

While a number of crypto-related companies in South Korea have been having a troublesome time resulting from controversial regulatory efforts within the nation, Upbit has been in a position to retain its title because the nation’s largest cryptocurrency trade.

According to Representative (Rep.) Yoon Do-hyun of the People Power Party, the biggest trade in South Korea reported excessive numbers in transactions and subscribers, together with the quantity of money parked. Data supplied by Do-hyun confirmed that Upbit had almost 5.3 Trillion Won [$4.5 million] deposited in its accounts, which was greater than the competitor exchanges – Bithumb, Coinone, and Korbit mixed.

Nevertheless, Bithumb took second place with deposits price 1.3 trillion received [$1.1 Trillion]. Meanwhile, Coinone and Korbit took third and fourth place with 248 billion received and 69 billion received, respectively. This may very well be as a result of recognition of Upbit amid the continued regulatory modifications.

The identical was mirrored in its whole quantity of users hitting 4.7 million, which was once more greater than Bitthumb or some other trade. To put issues in perspective, the quantity of users on Upbit was 47 instances greater than that of Korbit. However, all 4 exchanges had welcomed millions of users in 2021 alone.

Data prompt that between April to July, almost 1.8 million new users opened accounts with Upbit, whereas Bithumb drew 450,000 new users. Coinone and Korbit additionally witnessed 170,000 and 45,000 users respectively, becoming a member of their platforms in the identical interval.

Upbit’s recognition and magnitude compelled it to maneuver away from its rivals in growing options for the “journey rule.” The rule requires asset service suppliers to offer real-name verifications of senders’ identities for worldwide transfers. Upbit famous that will probably be engaged on complying with the “journey rule,” via its in-house blockchain expertise analysis arm Lambda256. This rule will come into impact from twenty fifth March 2022.

The South Korean users have been turning to huge exchanges amidst shifting rules and reportedly, Upbit has the profit of being the primary trade to file with the regulators. However, the smaller exchanges have been getting crushed beneath the load of a plethora of mandates to be fulfilled. A current report from the authorities famous that out of 63 candidates, solely 21 exchanges acquired the ISMS certification for having met the varied requirements required for a similar.

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About the Author: Daniel