Corporate Accounts at South Korea’s Top Five Crypto Exchanges Surpass 6,000, Holdings Reach $3.2 Million

Corporate accounts registered with South Korea’s five largest cryptocurrency exchanges have surpassed 6,000.

Data submitted by the Financial Supervisory Service to Democratic Party lawmaker Park Sang-hyuk of the National Assembly’s Political Affairs Committee showed 6,590 corporate accounts were registered at the end of last month across the country’s five biggest crypto exchanges: Upbit, Bithumb, Coinone, Korbit and Gopax.

Bithumb had the most registered corporate accounts, at 3,280. Upbit followed with 2,086, ahead of Korbit with 620, Coinone with 539 and Gopax with 65.

Of the total, 711 corporate accounts had completed know-your-customer verification, or 10.8%. Dunamu, Upbit’s operator, had the most verified accounts with 290. Bithumb had 199, followed by Korbit with 184, Coinone with 33 and Gopax with five.

Corporations held about 4.34 billion won ($3.2 million) in crypto assets through domestic exchanges. Upbit accounted for about 2.71 billion won ($2 million), or 62.4% of the total. Bithumb followed with about 630 million won ($460,000), then Coinone with about 510 million won ($370,000), Gopax with about 310 million won ($230,000) and Korbit with about 180 million won ($130,000).

The figures include all corporate accounts allowed since June last year under financial authorities’ roadmap for corporate participation in the virtual-asset market, including those held by law enforcement agencies and nonprofit organizations.

Law enforcement agencies and nonprofit organizations are currently allowed to cash out cryptocurrency into won through exchanges’ real-name accounts when they obtain digital assets through taxes, criminal proceeds or donations.