South Korea's top five crypto exchanges saw trading volume plunge 88% year-on-year to $280M daily, with major operator Dunamu reporting 55% revenue and 78% profit declines.
Macro & Markets ·
South Korea's five major won-based crypto exchanges experienced a sharp contraction in trading activity, with daily volume declining 88% year-on-year to roughly $280 million as of mid-July. The slump has strained operator finances; Dunamu, which runs Upbit, disclosed that first-quarter revenue fell 55% and operating profit dropped 78% compared to the prior year.
The pressure on exchange economics has forced at least one operator to liquidate holdings. Korbit has divested crypto assets on three separate occasions this year to support operational needs, selling 15 BTC and 60 ETH in early July for approximately $1.08 million.
The extent to which this downturn reflects broader market conditions, regulatory pressures, or local competitive dynamics remains unclear. No statements from the exchanges on recovery timelines or strategic responses have been provided.