South Korean cryptocurrency exchanges makes almost $650 million in trading fees

By | February 19, 2018

South Korean cryptocurrency exchanges makes almost $650 million in trading fees

The earnings of South Korean crypto-exchanges on fees for trading operations in 2017 have reached $648 million.

30 operators from South Korea’s crypto-exchanges received 700 billion won in 2017 from fees for trade operations, said former representative of South Korean President Park Kwang-on. This is 85 times higher than in 2016 when crypto-exchanges of South Korea managed to earn only 8 billion won on commissions.

The greatest income was received by the crypto-exchange Bithumb. It earned 317.7 billion won ($297 million). The second place by earnings from trading fees is occupied by Upbit. In 2017, it earned 194.3 billion won ($ 182 million). The revenues of Korbit and Coinone amounted to 67 billion won ($62 million) and 78.1 billion won ($73 million) respectively.

Upbit jumped to the first place by the trading volume in 2017, accounting for 52.9% of the South Korean market share.

South Korea has become one of the world’s largest markets for cryptocurrencies, despite its ban on ICO.

Earlier, it was discovered that in the near future South Korea will welcome more crypto-exchanges, despite cryptocurrency regulation tightening, that implied a ban on anonymous virtual accounts for traders and a prohibition for minors and foreigners to take part in trading operations. In February, Zeniex crypto-exchange will be opened, and later another exchange platform – Dexco – is scheduled to launch.

Published at Mon, 19 Feb 2018 14:02:02 +0000