{
  "id": 7960250,
  "title": "Korea's crypto exchanges need room to become financial platforms",
  "url": "https://urgent.news/2026/09/17/koreas-crypto-exchanges-need-room-to-become-financial-platforms",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-17T05:52:04.000Z",
  "source": {
    "name": "The Korea Times",
    "slug": "the-korea-times",
    "url": "https://www.koreatimes.co.kr/economy/cryptocurrency/20260917/koreas-crypto-exchanges-need-room-to-become-financial-platforms"
  },
  "original_language": "en",
  "account": "In January 2018, Upbit led the world in cryptocurrency exchange trading volume, with $7.57 billion daily. Binance and Bithumb followed, ranking second and third respectively. Today, the picture is vastly different. Binance recorded over $10 billion in trading volume on Thursday, while Upbit and Bithumb saw about $1 billion and $436.2 million respectively, according to CoinGecko. The cryptocurrency downturn has impacted exchanges globally. However, major overseas platforms have diversified into derivatives, staking, and other businesses, providing them with additional avenues to survive a prolonged industry slump. In contrast, Korean exchanges remain primarily focused on spot trading under the present regulatory framework, making them more vulnerable when trading volumes decline.\n\nTo counter this, five Korean crypto exchanges are currently offering zero trading fees, sparking a price war for market share. As the global digital asset market expands beyond spot trading, the disparity becomes increasingly apparent. Institutional capital is now entering through Bitcoin and Ethereum spot exchanges.",
  "summary": "In January 2018, Upbit recorded $7.57 billion in daily trading volume, making it the world's largest cryptocurrency exchange by volume. Binance ranked second, while Bithumb, another Korean exchange, came in third. Eight years later, the landscape looks very different. On Thursday, Binance recorded more than $10 billion in trading volume, compared with about $1 billion for Upbit and $436.2 million…",
  "key_points": [
    "Korean crypto exchanges once led by Upbit, now trailing behind Binance and Bithumb",
    "Korean exchanges remain focused on spot trading, vulnerable in declining volumes"
  ],
  "editors_take": "Korean crypto exchanges' limited scope beyond spot trading leaves them vulnerable to market slumps, unlike global peers who have diversified into derivatives and other businesses for survival.",
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "The Korea Times",
        "title": "Korea's crypto exchanges need room to become financial platforms",
        "url": "https://urgent.news/2026/09/17/koreas-crypto-exchanges-need-room-to-become-financial-platforms-7962386",
        "published": "2026-09-17T06:02:04.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}