South Korea Surpasses U.S. in Cryptocurrency Trading Volume

South Korea Leads in Crypto Trades

In a remarkable shift, South Korea's Won has eclipsed the US dollar as the top currency for cryptocurrency trading volume in early 2024. With $456 billion in trades, it surpassed the dollar's $445 billion, signaling the nation's increased appetite for digital assets.

Competition Fuels Growth

Competitive dynamics among South Korea's cryptocurrency exchanges have sparked this growth. Promotions, like zero-fee trading offered by platforms such as Bithumb and Korbit, are challenging the market leader Upbit, thereby energizing the local trading landscape.

Regulatory Balance

Meanwhile, South Korea navigates the complexities of crypto regulation, balancing interest with vigilance. Efforts to pursue legal compliance, such as extradition moves for the TerraForm Labs founder, are unfolding alongside progressive discussions, including the potential approval of a Bitcoin ETF.