South Korea’s five major crypto exchanges have recorded approximately 20.5 trillion won, or $15.1 billion, in trading volume from Sept. 25 to Oct. 2, down 19.56% from the previous week.
Summary
- South Korea’s five major crypto exchanges recorded 20.5 trillion won in weekly trading volume combined.
- Trading volume fell 19.56% from the previous week, cutting roughly five trillion won in activity.
- Upbit kept first place with 64.04% share, down 3.3 percentage points from the prior week.
- Bithumb’s share rose to 26.66%, while Coinone increased its share to 6.58% during the week.
- Official data show crypto exchange daily volume fell 44% during the first half of 2026.
Digital Asset reported that the total fell by roughly 5 trillion won, or about $3.7 billion, during the seven-day period ending at 2 p.m. Korea Standard Time on Oct. 2. The outlet calculated the figures across Upbit, Bithumb, Coinone, Digital X and Gopax.
The rankings did not change during the week. Upbit remained the largest platform by trading share, though Bithumb, Coinone and Digital X each gained ground as Upbit’s portion of the five-exchange market declined.
South Korea crypto trading fell nearly 20% in one week
Combined trading volume across the five exchanges dropped 19.56% week over week to 20.5 trillion won. The source did not attribute the fall to a single cryptocurrency, exchange event or regulatory action, so the weekly figures alone do not establish what caused traders to reduce activity.
The decline follows an uneven year for South Korean crypto trading. During periods of stronger market activity, volumes have climbed sharply. Upbit’s 24-hour trading volume jumped 273% to roughly $1.84 billion during a Bitcoin rally, while Bithumb’s daily volume rose 132.9% to approximately $934.9 million.
Activity had been much weaker earlier in 2026. An analysis covering the first six months found that the five main won-based exchanges generated approximately $366.58 billion in combined trading volume, down 54.6% from the same period a year earlier.
South Korean financial regulators released their own figures days before the latest weekly report. The Korea Financial Intelligence Unit and Financial Supervisory Service reported on Oct. 1 that average daily trading volume at domestic virtual asset exchanges fell by 2.3 trillion won, or 44%, during the first half of 2026 compared with the previous six months.
Upbit remains No. 1 despite losing market share
Upbit controlled 64.04% of trading among the five exchanges during the latest weekly period. Its share fell by 3.3 percentage points from the previous week, according to Digital Asset’s calculation.
Bithumb remained second but raised its share by 1.893 percentage points to 26.66%. The figures left Upbit and Bithumb controlling more than 90% of total trading across the five platforms during the period.
Coinone held third place with 6.58%, an increase of 1.12 percentage points. Digital X accounted for 2.71% after gaining 0.316 percentage points, while Gopax remained fifth with 0.02%, up 0.002 percentage points.
Digital X is the new name for Korbit, which appeared in earlier five-exchange market comparisons. The exchange announced that the Korbit service would become Digital X from Sept. 16 following its move under Mirae Asset. Customer assets, trading history and account information carried over without changes.
The operating company had changed its corporate name from Korbit Inc. to Digital X Inc. on Aug. 11. Its official company page states that it became part of Mirae Asset Group in July.
Mirae Asset acquired a controlling interest in Korbit before the rebranding, with the company planning to expand its digital asset services under the Digital X name.
Official data confirm weaker Korean crypto activity in 2026
The latest weekly fall comes days after KoFIU released its first-half review of South Korea’s virtual asset market. The regulator surveyed 26 registered virtual asset service providers, including 17 exchange businesses and nine custody or wallet providers.
During the first six months of 2026, domestic crypto market capitalization fell by 28.3 trillion won, or 33%, compared with the preceding six months. Korean-won deposits on exchanges declined by 2.9 trillion won, or 35%, while average daily exchange volume fell 44%.
Trading accounts eligible to transact still increased 0.4%, according to the regulator. Lower trading activity was accompanied by a 41% fall in exchange revenue and a 78% decline in operating profit during the six-month period.
The number of distinct virtual assets circulating on Korean platforms fell 5% to 673. Among them, 234 were listed exclusively on individual exchanges and carried a combined market capitalization of 600 billion won, equal to roughly 1% of the domestic market’s total capitalization.
Liquidity was particularly thin among some exchange-exclusive assets. KoFIU found that 93 of the 234 assets, or 40%, each had market capitalization of 100 million won or less. The regulator warned users about liquidity and sharp price movements in those tokens.
Crypto.news reported that the official survey placed monthly turnover at between 100% and 201% for won-based exchanges, compared with only 2% to 9% for coin-only platforms.
Korean exchanges face tighter rules as trading slows
Regulatory requirements for South Korean exchanges have continued to expand during 2026. The Financial Services Commission approved tougher VASP registration and anti-money laundering rules in August, including new financial soundness, cybersecurity and internal-control requirements.
The revised framework expands Korea’s travel rule to transfers of all sizes between registered VASPs. Transfers worth at least 10 million won to overseas virtual asset providers or digital wallet operators must be reported to KoFIU once the relevant provisions take effect.
Exchange controls were tightened earlier in the year following Bithumb’s erroneous payout incident. The FSC said in April that South Korea’s five major exchanges would introduce real-time reconciliation between internal ledgers and wallets, with outside accounting checks increasing from quarterly to monthly.
The five platforms agreed to strengthen checks for high-risk transactions, require separate management of certain accounts and introduce automated systems capable of blocking transfers where quantities or units do not match planned payments.
Trading activity has continued despite the tighter controls. Upbit and Bithumb opened new markets as recently as Oct. 2, when Bithumb listed Talus against the Korean won and Upbit added Dolphin across KRW, BTC and USDT pairs, as crypto.news reported.
Digital Asset’s latest weekly figures show that the order of South Korea’s five main exchanges remained unchanged through Oct. 2, with Upbit first at 64.04%, Bithumb at 26.66%, Coinone at 6.58%, Digital X at 2.71% and Gopax at 0.02%.
