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South Korea has been one of the top countries with cryptocurrency trade exchange markets. While there is resistance from the Korean government and banks regarding cryptocurrency exchanges, there is also enough interest from corporates, investors, banking institutes to invest in crypto markets.
As cryptocurrency rates move upwards in 2021 & Bitcoin prices becoming the business world’s talk each day, the need for more cryptocurrency exchanges will also increase. More Korean startups are adopting blockchain technology innovations and banking on exchange markets for a variety of crypto-goods.
There are currently almost 50 crypto trading platforms in the country. But in 2018, the Korean government passed new regulations governing the sector, which will become effective in March 2021. Though all exchanges have been given an additional six months’ grace period to adopt full compliance measures, will all be able to survive?
As per the new guidelines, all crypto exchanges are required to keep their own funds and those of their clients separate in banking procedures. The new guidelines also requires individual customers to create real-name and social security number-authenticated bank accounts.
South Korea’s four topmost exchanges already have already opted the guidelines and , 5-6 other exchanges have filed for approvals. But many are still lagging behind, so how many Korean crypto exchanges will survive beyond March 2021 remains to be seen.
For now, KoreaTechDesk makes a quick check of the four top-performing Korean cryptocurrency exchanges that have real-name banking capabilities.
UpBit, backed by Korea’s Internet giant Kakao, is the top-performing crypto exchange in the country. It holds over 50% of the market share in Korea with over 3 million users. UpBit 24-hour trading is around $ 8.9 billion. The exchange is operated by Dunamu Inc, which owns the top messenger app Kakao Talk and hence UpBit is integrated with the app. The crypto exchange, which has over 120 cryptocurrencies, has also invested in a number of Korean blockchain startups.
This top virtual asset exchange in Korea, marked its 7th anniversary of its establishment in January 2021. Bithumb has the largest number of subscribers among crypto exchanges in Korea, which is over 5 million users. The number of customers visited Bithumb reached 5.77 million in August 2020. The exhcnage’s liquidity also appeared to be the strongest in Korea. Bithumb holds 33% of Korea’s market share and has a daily trading volume of over $300 million. In 2018 Bithumb partnered with Korea Pay’s Services to reach Korean brands to try payments in cryptocurrencies.
Coinone Exchange is currently the third-largest exchange in the country and has launched South Korea’s first blockchain-based overseas remittance app called Cross. Coinone was the first in Korea to list Ethereum and IOTA. It holds an 8% market share in Korea and has a daily trading volume of over $100 million. Coinone has its own Listing Evaluation Committee managed directly by the CEO and conducts audits with four categories through designated experts in each field.
Korbit is the first opened Korean won-based cryptocurrency exchange. It holds about 6% market share. Korbit has been leading crypto exchange in following the Korean government regulations. The exchange has taken due steps in requiring cryptocurrency exchange users to connect to their bank account for identification purposes. They have low fees, excellent security features, and offers a remittance service.
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