Upbit's June Trading Volume Tanks 45% Amidst Regulatory Concerns

IconCryptoNewsTerminal Staff17 Jul, 2024

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Upbit's June Trading Volume Tanks 45% Amidst Regulatory Concerns

Upbit, one of the leading cryptocurrency exchanges in South Korea, has witnessed a significant decline in its trading volume for the month of June. Data from Coingecko, as cited by U.Today, reveals that Upbit's June trading volume dropped to $30.4 billion, marking a notable 44.8% decrease compared to the previous month. This decline is particularly significant, given that Upbit's trading volume has consistently ranked among the highest in the industry. Experts suggest that this substantial drop in trading volume could potentially be attributed to the looming implementation of South Korea's Virtual Asset User Protection Act, which is set to take effect in July. This act aims to enhance the regulation and oversight of cryptocurrency exchanges operating within the country. Market analysts opine that the uncertainty surrounding the upcoming regulatory changes may have led to a degree of caution among investors, resulting in a decrease in trading activity on Upbit's platform.

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