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Upbit Overtakes Binance and Coinbase to Rank Among the Top Five Crypto Exchanges

Upbit Overtakes Binance and Coinbase

Based in South Korea, Upbit is listed in the top five cryptocurrency exchanges globally and has become a major player in the global cryptocurrency market This growth highlights the control of 80 South Korean cryptocurrency trades, indicating its dominance in the crypto market.

As a result, Upbit is currently in strong competition with major international exchanges like Coinbase, which is amazing for a small exchange. As Upbit offers a large selection of cryptocurrencies listed on its platform, making them easily accessible to users, the exchange’s popularity and trading volume continue to grow. 

According to Ho Chan Chung, head of marketing at CryptoQuant, a Korean analytics company, “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”. 

Rising regulatory measures in South Korea, including new laws designed to protect investors following the demise of TerraUSD, a company started by Do Kwon, a South Korean businessman, in 2022, have coincided with Upbit’s rise. Under the revised regulatory framework, cryptocurrency exchanges must increase reserves, obtain insurance for investors and step up their investigation of questionable transactions. To further show its dedication to compliance, Upbit has chosen to submit deposits and withdrawals totalling more than $1 million.

The cryptocurrency market in South Korea is thriving, and the most popular fiat currency for cryptocurrency transactions is the Korean Won, which is now overtaking the US dollar. Over 6 million Koreans trade cryptocurrencies on licensed exchanges, demonstrating the nation’s traders’ continued appetite for high-risk, high-reward ventures.

Concerns about taxes on digital assets and the ease of restrictions on US Bitcoin ETF investments have arisen as a result of the public’s extensive interest in cryptocurrency. 80 percent of trading volume on Korean exchanges is made up of altcoins, which are smaller tokens than Bitcoin and Ethereum. This is a significant difference from global platforms.

Also read: eToro and 21Shares Unite Towards New Crypto Portfolio