Upbit Leads Korean Crypto Exchanges in Active Corporate, Foreign Accounts

Upbit accounted for the largest share of active corporate and foreign user accounts among South Korea's cryptocurrency exchanges, local media reported on August 25.

The Maeilyo Newspaper, citing data that the office of Democratic Party lawmaker Park Sang-hyuk received from the Financial Supervisory Service, said 6,590 corporate accounts were registered across the country's five largest exchanges. Those accounts held about 4.34 billion won ($3.2 million) in virtual assets.

Upbit held 2.71 billion won ($2 million) of those corporate crypto assets, equal to 62.4% of the total. Bithumb followed with 629.7 million won ($462,000), Coinone with 514.7 million won ($378,000), Gopax with 308.3 million won ($226,000) and Korbit with 177.2 million won ($130,000).

A total of 711 corporate accounts had completed know-your-customer verification. Upbit had the most with 290, followed by Bithumb with 199, Korbit with 184 and Coinone with 33.

Only 29 corporate accounts carried out at least one trade, deposit, withdrawal or other transaction last month. Of those, 22 were on Upbit, giving it a 75.9% share. Bithumb had four active accounts, Korbit had two and Gopax had one, while Coinone had none.

Upbit also had the largest number of actively used foreign accounts. The exchange had 292 foreign accounts that completed KYC verification, and 41 of them recorded actual trading or other activity last month.

Bithumb, by contrast, had the most foreign accounts by simple registration, at more than 484,000. But none had completed KYC verification or recorded actual trading last month, the report said.

South Korea's financial authorities are pursuing a plan to gradually allow won-based virtual-asset trading for listed companies and corporations registered as professional investors.