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      Data: South Korea's 5 major crypto exchanges face competitive pressure, spot trading volume down 33% QoQ in Q2

      PANews reported on October 14, citing South Korean media outlet Daum, that the spot trading volume of South Korea's five major Korean won exchanges—Upbit, Bithumb, Coinone, Digital X (formerly Korbit), and GOPAX—fell from approximately $218.8 billion in Q1 to approximately $146.7 billion in Q2, a quarter-over-quarter decline of 33%. Over the same period, spot trading volume of the world's top ten centralized exchanges fell 27.9% QoQ to $1.95 trillion, a smaller decline than the South Korean market.

      Analysts believe that under South Korea's regulatory restrictions, local exchanges still focus mainly on spot trading and cannot offer cryptocurrency derivatives services, while overseas trading platforms continue to expand their business boundaries.


      Source: PANews
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