Upbit and K-Bank Reign Supreme in Virtual Asset Exchange and Fees

IconCryptoNewsTerminal Staff15 Jul, 2024

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Upbit and K-Bank Reign Supreme in Virtual Asset Exchange and Fees

Upbit and K-Bank Dominate Domestic Virtual Asset Market Upbit and K-Bank have emerged as dominant players in South Korea's virtual asset exchange market and fees, according to Representative Min Byung-deok's office. As of July 2023, Upbit commands a substantial 60% market share, while K-Bank boasts a significant 76.87% share of virtual asset-linked fees. K-Bank's High Proportion of Exchange-Linked Accounts Among bank customers, K-Bank stands out with the highest proportion of customers having exchange-linked accounts at 49.8%. This dominance is notably higher than other banks: NH Nonghyup Bank (Bithumb/Coinone) holds 5.8%, Jeonbuk Bank (Gopax) and Kakao Bank (Coinone) each have 2.2%, and Shinhan Bank (Cobit) holds 0.9%. Concerns Raised Over Market Distortion Representative Min Byung-deok has expressed concerns that the concentration of investors in a limited number of exchanges may lead to market distortion. To address these concerns, he intends to scrutinize customer protection measures and exchange listing schedules during the upcoming National Assembly inspection in October.

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