Upbit led Korean exchanges’ July surge with $29.8 billion in volume, beating Coinbase’s $28.6 billion, as the US exchange fights a lawsuit from the Securities and Exchange Commission (SEC).
The 42.3% month-on-month spike saw Upbit become the second-largest exchange by trading volume after Binance, which faces legal scrutiny in multiple regions.
Crypto Traders Abandon US For Korean Exchanges
Other Korean businesses, Bithumb and CoinOne, also saw spot volume increases of $27.9% and 4.7% to $6.1 billion and $1.4 billion, respectively.
Upbit’s share of global trading volumes has also risen almost 3% year-to-date.
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The boon for Korean exchanges is unsurprising, given the region’s recent passage of a Virtual Asset User Protection bill. By contrast, the lack of clear rules in jurisdictions like the…
