South Korean Crypto Exchanges Paid Customers $87M in Interest in Past Year
Main Idea
South Korean crypto exchanges paid customers a combined $87 million in interest on fiat deposits over the past year, driven by competition following the Virtual Asset User Protection Act.
Key Points
1. Five major South Korean exchanges (Upbit, Bithumb, Coinone, Korbit, GOPAX) paid 120.26 billion KRW ($87M) in interest on fiat deposits in the past 12 months.
2. The Virtual Asset User Protection Act mandates exchanges to provide reasonable interest on fiat deposits, sparking competition among platforms.
3. Bithumb offered the highest interest rate at 4%, while other exchanges like Upbit, Coinone, Korbit, and GOPAX provided rates between 2.0% and 2.2%, still higher than commercial banks' standard 1%.
4. The Financial Supervisory Service disclosed the data after a freedom of information request from lawmaker Heo Young.
5. Despite the competition, some exchanges have begun lowering interest rates, with GOPAX reducing its rate to 1.9%.
Description
South Korean crypto exchanges paid their customers $87 million worth of interest on their fiat deposits in the past 12 months. Per the South Korean news agency Yonhap (via Daum ), data on interest payments was submitted by the Financial Supervisory Service on July 27 after a freedom of information request from the Democratic Party lawmaker Heo Young. Heo is a member of the National Assembly’s Political Affairs Committee. South Korean Crypto Exchange Interest Fee Competition The data shows that t...
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