Cryptocurrency trading volumes have surged in South Korea, with top exchanges Bithumb and Upbit seeing record highs. Recent data shows that Bithumb briefly captured 72% of the market share in early February, overtaking market leader Upbit.
Bithumb saw nearly $3 billion in Bitcoin volume in January versus Upbit’s sub-$1 billion. Driving Bithumb’s growth was eliminating fees on all cryptocurrencies, attracting droves of new traders. However, Upbit volumes recovered after that.
Despite this setback, Bithumb is pushing into the mainstream, potentially becoming the first crypto exchange on the KOSDAQ stock exchange later in 2025. Bithumb has reportedly hired Samsung Securities to advise its listing.
Yet Bithumb faces blow-expanding services. It disagreed with KB Kookmin Bank for won-denominated real-name accounts, which is critical for crypto-won trading under Korean regulations. With its current deal with NH NongHyup Bank expiring on March 24, Bithumb risks hampering trader acquisition.
Bithumb has made big strides against Upbit but still confronts steep regulatory hurdles. As the first exchange to go public, its success could set the tone for crypto’s mainstream embrace.
Also read: Bithumb’s Jan BTC Trading Hits $3 Billion, Outshining Upbit
