South Korea’s Crypto Exchange Landscape: Upbit and Bithumb Thrive While Coinone Faces Challenges

Key Points

1. Upbit and Bithumb are performing well, with rising share prices and preparations for IPOs, indicating strong investor confidence.

2. Coinone holds only 3% of the local market and has liquidated $2.96 million of its digital assets to cover operational costs under new regulations.

3. South Korea's new regulatory framework is creating challenges for smaller exchanges like Coinone, impacting their ability to compete.

4. The market divide highlights the contrast between major exchanges thriving and smaller ones facing difficulties.

5. Regulatory changes are a significant factor in the current state of South Korea's crypto exchange market.