Crypto Exchanges Start Disclosing Fee Discounts, Coupons as DAXA Seeks Greater Transparency
Summary
- Crypto exchanges have begun disclosing details of fee discounts and coupons offered to high-value users.
- The disclosure requirement covers fee discounts, coupons and other monetary benefits exceeding a combined $724,000 over the past five fiscal years.
- DAXA acknowledged differences in how exchanges interpreted the disclosure standards and said it is reviewing more transparent disclosures, including a revision to the best-practice rules.
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South Korea's cryptocurrency exchanges have started disclosing fee discounts and coupon offers for high-value users, though questions have emerged over differences in how platforms applied the standards.
Seoul Shinmun reported on May 11 that the Digital Asset eXchange Alliance, or DAXA, told the office of People Power Party lawmaker Lee Heon-seung it did not separately prepare board meeting minutes, transcripts or company-specific opinion papers during the drafting of best-practice rules on advertising and promotional activities by virtual asset service providers.
The guidelines were established in July 2025 and require exchanges to disclose monetary benefits provided to specific users.
The requirement covers fee discounts, coupons and other benefits exceeding a combined 1 billion won ($724,000) over the past five fiscal years.
DAXA said there were some differences in interpretation among member firms and their affiliates over the provision of such monetary benefits during the first round of disclosures.
It added that it is reviewing measures to enable more transparent disclosures, including possible revisions to the best-practice rules.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
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