As of May 2021, the total number of registered users of Upbit, Bithumb, Coinone, and Korbit, the four leading cryptocurrency exchanges in South Korea, amounted to around 5.87 million, a threefold increase in just four months. The rise of crypto investors has also led to a corresponding surge in the use of trading apps. Monthly active users (MAU) of Upbit, the largest crypto exchange in South Korea, have increased about tenfold compared to 2020.
Cryptocurrency trading in South Korea
Bitcoin and other cryptocurrencies are currently not considered legal tender or financial assets in South Korea, yet the South Korean crypto market has grown extensively in the last few years. The crypto boom in the first half of 2021 was particularly noticeable when the daily trading volume on South Korean crypto exchanges even exceeded the value of shares traded on the stock exchange. Investors in their twenties and thirties, who account for about 60 percent of all new crypto investors, are leading this trend.
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ChosunBiz. (May 27, 2021). Total number of registered users of leading South Korean cryptocurrency exchanges from January 2020 to May 2021 (in millions) [Graph]. In Statista. Retrieved October 07, 2024, from https://www.statista.com/statistics/1250233/south-korea-user-numbers-of-leading-cryptocurrency-exchanges/
ChosunBiz. "Total number of registered users of leading South Korean cryptocurrency exchanges from January 2020 to May 2021 (in millions)." Chart. May 27, 2021. Statista. Accessed October 07, 2024. https://www.statista.com/statistics/1250233/south-korea-user-numbers-of-leading-cryptocurrency-exchanges/
ChosunBiz. (2021). Total number of registered users of leading South Korean cryptocurrency exchanges from January 2020 to May 2021 (in millions). Statista. Statista Inc.. Accessed: October 07, 2024. https://www.statista.com/statistics/1250233/south-korea-user-numbers-of-leading-cryptocurrency-exchanges/
ChosunBiz. "Total Number of Registered Users of Leading South Korean Cryptocurrency Exchanges from January 2020 to May 2021 (in Millions)." Statista, Statista Inc., 27 May 2021, https://www.statista.com/statistics/1250233/south-korea-user-numbers-of-leading-cryptocurrency-exchanges/
ChosunBiz, Total number of registered users of leading South Korean cryptocurrency exchanges from January 2020 to May 2021 (in millions) Statista, https://www.statista.com/statistics/1250233/south-korea-user-numbers-of-leading-cryptocurrency-exchanges/ (last visited October 07, 2024)
Total number of registered users of leading South Korean cryptocurrency exchanges from January 2020 to May 2021 (in millions) [Graph], ChosunBiz, May 27, 2021. [Online]. Available: https://www.statista.com/statistics/1250233/south-korea-user-numbers-of-leading-cryptocurrency-exchanges/