South Korea’s Top Five Crypto Exchanges See Trading Volume Plunge 88% YoY

A prolonged slowdown in cryptocurrency trading is taking a toll on South Korea’s digital asset exchanges, with shrinking market activity eroding fee income and profitability. 

Data cited by ZDNet Korea showed that combined daily turnover on the country’s five largest won-based crypto exchanges stood at roughly KRW 412.7 billion (about $280 million) on July 20, marking an 88% decline from the same period last year. 

The drop in trading has been reflected in exchange earnings. Dunamu, the operator of Upbit, reported that its first-quarter revenue fell 55% year over year, while operating profit dropped 78%.

The weaker market has also prompted operational measures at smaller exchanges. Korbit has monetized part of its cryptocurrency treasury three times in 2026 to support business expenses. Its most recent transaction, completed in early July, involved selling 15 Bitcoin and 60 Ethereum for about KRW 1.6 billion (approximately $1.08 million).

Source: ZDNet Korea