Upbit Joins Top Five Crypto Exchanges

Upbit has become one of the top five global exchanges, driving a resurgence in Asian cryptocurrency markets.

In light of the fact that the South Korean cryptocurrency exchange Upbit has recently occupied a position among the top five worldwide exchanges, the cryptocurrency markets in Asia are seeing a robust resurrection once more.

Upbit Popularity and Trading Skyrockets

Recent market data shows that the Korean won has overtaken the US dollar as the most frequently used fiat currency for exchanging bitcoin and other digital assets.

Due to its ability to provide consumers with convenient access to a diverse range of cryptocurrencies listed on its cryptocurrency platform, Upbit holds a dominant position in South Korea’s cryptocurrency landscape.

Upbit alone is responsible for 80% of the overall cryptocurrency trading volumes in South Korea, which is evidence of the company’s enormous dominance in the market.

As a result, Upbit is in direct competition with global firms such as Coinbase. In contrast, it appears that leading industry participants such as Binance are experiencing a decline in their market share in Asia.

It is interesting to note that this rise in Upbit occurs despite the country’s growing number of regulatory measures. One of the legislators in South Korea voiced significant criticism regarding the fact that Upbit’s customers accounted for approximately a fifth of the total deposits made by its key banking partner the previous year.

However, the implementation of new regulations aimed at safeguarding investors following the demise of TerraUSD, founded by Do Kwon in 2022, may inadvertently strengthen Upbit’s dominant market position.

In accordance with the revised regulatory framework, cryptocurrency exchanges are required to increase their reserves, obtain investor protection insurance, and increase their surveillance of transactions that appear to be suspicious.

As a result, Upbit made the decision to process deposits and withdrawals that were greater than one million dollars just the week before. On Tuesday, April 23, Crypto.com, which is based in Singapore decided to postpone its plans to launch in South Korea at the beginning of this week.

The company stated that it would require additional time to speak with the relevant authorities. South Korean traders have continued to demonstrate very strong engagement in the cryptocurrency arena, demonstrating their hunger for high-risk, high-reward investments.

South Korea’s Mass Appeal for Crypto

This is the case despite the fact that the TerraUSD stablecoin had a huge price increase of $40 billion. More than six million Koreans, which accounts for more than 10% of the country’s total population, participated in cryptocurrency trading on registered exchanges during the first half of the previous year, as shown by official data.

While competing candidates in the most recent parliamentary elections in Seoul offered to postpone taxes on digital assets or loosen restrictions on investing in US Bitcoin exchange-traded funds (ETFs), the huge interest in cryptocurrency has evolved into a political worry in the city.

According to data provided by CryptoQuant, altcoins, which are smaller tokens than Bitcoin and Ethereum, account for 80% of the trading volume on Korean exchanges.

This fact stands in stark contrast to the worldwide platforms, where altcoins account for approximately 50% of the trading volume. Ho Chan Chung, 35, who is the chief marketing officer for the Korean analytics company CryptoQuant, stated:

“I invested more in stocks before, but now I’m all in crypto. The Korean stock market has stagnated, and companies don’t operate for shareholders’ benefit.”