Coinspeaker
South Korean Upbit Becomes Top 5 Exchange by Volume

Upbit, a South Korean crypto exchange based in Seoul’s ritzy Gangnam district, has climbed to become the top five global exchanges by volume. South Korea has benefitted from the recent crypto bull run that swept across the global market, with rumors of the Korean won supplanting the US dollar as the most popular currency for swapping Bitcoin and other digital assets reaching high intensity.

Upbit Dominates the Korean Market Volume

According to a Bloomberg report, over 80% of Korean trading volumes are currently being handled on Upbit. This is a huge milestone for Upbit as no other exchange has been able to attain such dominance in a major crypto hub. Additionally, Upbit is now in close competition with Coinbase Global Inc (NASDAQ: COIN), a leading crypto exchange in the US.

Last year, Upbit’s customers accounted for nearly a fifth of total deposits from its major banking partners. This move ignited a sharp rebuke from a South Korean lawmaker. However, new laws have been passed following the arrest of Do Kw...