Bithumb

  • Dunamu's appeal halts the 35.2 billion won Upbit penalty temporarily.

    Dunamu’s appeal halts the 35.2 billion won Upbit penalty temporarily
    News
  • Bithumb recovers 99.7% of BTC after promo error

    Bithumb recovers 99.7% of BTC after promo error
    News
  • Korean regulators launch emergency probe into Bithumb after 60 trillion won Bitcoin error.

    Korean regulators launch emergency probe into Bithumb after 60 trillion won Bitcoin error
    News
  • Kiwoom Securities in talks to buy Bithumb

    Bitcoin dips 20% on Bithumb after 2,000 internal reward distribution error
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  • South Korean regulators launch investigations into suspected price manipulation of ZKsync.

    South Korean regulators launch investigations into suspected price manipulation of ZKsync
    News

  • South Korea’s KFTC probes Bithumb over potentially misleading liquidity claims
    News
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  • South Korean charities prefer one-click crypto donations.

    South Korean charities prefer one-click crypto donations
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  • South Korean crypto exchange group DAXA pushes back against FSC's 15-20% cap.

    South Korean crypto exchange group DAXA pushes back against FSC’s 15-20% cap
    Regulation
  • South Korea’s FSC weighs freezing crypto assets to curb market manipulation, report says

    South Korea’s FSC weighs freezing crypto assets to curb market manipulation, report says
    Regulation
  • ZK goes vertical after Upbit listing

    ZK goes vertical after Upbit listing
    News
  • Bithumb faces major AML penalties amid crackdown

    Bithumb faces major AML penalties amid crackdown
    News
  • South Korea’s Digital Asset Basic Act faces delay following stablecoin disputes

    South Korea’s Digital Asset Basic Act faces delay following stablecoin disputes
    Regulation
  • Build on Bitcoin price doubles ahead of Bithumb listing.

    Build on Bitcoin price doubles ahead of Bithumb listing
    News
  • South Korean exchanges are facing mounting earnings pressure as a sharp market decline has stalled trading volumes. In a statement shared by industry officials on Sunday, the slump marks a stark reversal of fortunes from the third quarter, where soaring crypto prices triggered record profits. According to disclosures filed with the Financial Supervisory Services, Dunamu, operator of Upbit, posted 235.3 billion won ($161.7 million) in operating profits. The figure represents an increase of 180% from a year earlier. The firm’s revenue jumped by 104% to 385.9 billion won, while net income quadrupled to 239 billion won. Bithumb also experienced a surge, seeing its operating profits rise eightfold to 70.1 billion won. Revenue increased by 184% to 196 billion won, while net income hit 105.4 billion won, representing a 34-fold rise. Korean exchanges face earnings pressure According to reports, both Upbit and Bithumb attributed their strong quarter to the rebound in the prices of digital assets and a rise in trading activity. Market sentiment also appeared to improve on signs of United States legislative progress, including the approval of the Guiding and Establishing National Innovation for United States Stablecoins Act, also known as the GENIUS Act. In addition, the sentiment was also lifted by Ethereum’s rally and the growing expectation of a US Federal Reserve interest rate cut. However, momentum has since stalled. Bitcoin slid below $95,000 on Saturday, its lowest level in the past six months and 25% off its October 6 peak of $126,210. The market has now moved to an extreme fear territory, according to market tracker CoinMarketCap. A few of the headwinds escalating things include the persistent trade tensions between the United States and China, fading hopes for the Fed’s rate cut next month, and a $100 million Ethereum hacking incident that is affecting investor confidence. Some traders are presently questioning whether a new crypto winter is beginning, as a result of the drying trading activity. Exchanges remain at the mercy of volatility According to CoinGecko, the combined daily average trading volume on Upbit and Bithumb stood around $1.88 billion from November 1 through Friday, the lowest level so far since the beginning of this year. The figure peaked at $7.8 billion in January, bottomed out at $2.2 billion in June, and has since been hovering between the $3 billion and $4 billion mark. These developments are expected to deliver a significant blow to the operations of domestic cryptocurrency exchanges. Trading fees make up most of their revenue, 98.2% for Dunamu and 98.3% for Bithumb. In response to the shortfall, these exchanges have been rushing to list new digital assets in an effort to keep their investors engaged. In a report from digital analytics platform APYWA, from January 1 to Friday, Korea's top five exchanges, Korbit, Coinone, GOPAX, Upbit, and Bithumb, have all listed about 391 tokens, up 47% from all of 2024. In the report, the platform mentioned that the exchanges accelerated the pace of their listings in the second half of the year. Still, it reports that volumes have remained weak as the market trades sideways. "Without alternative revenue streams, exchanges will remain at the mercy of market volatility," an industry official said. "While the phased approval of corporate participation in the crypto market is seen as a positive signal, long-term sustainability will require regulatory reforms that allow for greater business diversification.” It remains to be seen how these exchanges hope to trigger a shift in trading activities, as they hope that digital assets return to winning ways.

    Korean crypto exchanges face earnings pressure as trading volumes stall
    News
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  • South Korea’s fight against crypto crime exposes glaring AML gaps

    South Korea’s fight against crypto crime exposes glaring AML gaps
    News
  • South Korea’s FSC refers two crypto manipulation cases to authorities

    South Korea’s FSC refers two crypto manipulation cases to authorities
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  • Binance cleared to take majority stake in GOPAX
    News

  • South Korea’s FIU investigating Bithumb over order book sharing with Australian exchange
    News
  • South Korea to join OECD’s crypto-asset reporting framework.

    South Korea to join OECD’s crypto-asset reporting framework
    Regulation
  • South Korea launches probe into crypto exchange fee structures

    South Korea launches probe into crypto exchange fee structures
    News
  • Bithumb grabs 25% of Korea’s crypto market ahead of $1B IPO

    Bithumb grabs 25% of Korea’s crypto market ahead of $1B IPO
    News
  • Wemix token plunges 60%, South Korean exchanges plan to delist

    Wemix token plunges 60%, South Korean exchanges plan to delist
    News