Odaily Planet Daily reports that the spot trading volume of South Korea’s five major won exchanges—Upbit, Bithumb, Coinone, Digital X (formerly Korbit), and GOPAX—declined from approximately $218.8 billion in the first quarter to about $146.7 billion in the second quarter, a 33% quarter-over-quarter decrease. During the same period, the spot trading volume of the world’s top ten centralized exchanges fell by 27.9% to $1.95 trillion, a smaller decline than in the Korean market. Analysts suggest that, under South Korea’s regulatory restrictions, local exchanges continue to focus primarily on spot trading and are unable to offer cryptocurrency derivatives services, while overseas platforms are continuously expanding their business boundaries.
South Korea's top five crypto exchanges see a 33% quarter-over-quarter drop in spot trading volume.
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Summary
South Korea’s top five KRW crypto exchanges recorded a 33% drop in trading volume in Q2, falling to $146.7 billion from $218.8 billion in Q1. Upbit, Bithumb, Coinone, Digital X, and GOPAX all experienced declines as regulatory restrictions limit their offerings to spot trading. Meanwhile, the global top 10 exchanges saw a 27.9% drop in transaction volume to $1.95 trillion—a smaller decline than in South Korea. Analysts note that overseas platforms continue to expand services, including derivatives, while local exchanges remain constrained.
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