Report: South Korean Crypto Exchanges Overtake Maltese Ones by Daily Trade Volume


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                A recent report by CryptoCompare shows that South Korean crypto exchanges saw $200 million more in average daily trade volumes than their Maltese competitors.
                <p dir="ltr"><a href="">Cryptocurrency exchanges</a> registered in South Korea have overtaken their Maltese-registered counterparts by average daily trade volume in November. This is according to a report by cryptocurrency market data provider <a href="">CryptoCompare</a>, <a href="" rel="nofollow,noopener" target="_blank">published</a> Thursday, Dec. 6.</p><p dir="ltr">The November edition of CCCAGG, a monthly crypto exchange review published by CryptoCompare, shows that <a href="">South Korean</a> exchanges, including Bithumb, Coinone, Korbit and Upbit among others, registered a combined $1.4 billion of average daily trade volume. In the meantime, their competitors in <a href="">Malta</a> had only achieved $1.2 billion.</p><p dir="ltr">This is a significant change when compared to the <a href="" rel="nofollow,noopener" target="_blank">October</a>&rsquo;s CCCAGG. According to CryptoCompare, back then the combined average daily trade volume of Maltese exchanges was at $1.4 billion, whereas South Korea was lagging behind with only $840 million, followed by Hong Kong&rsquo;s $560 million.</p><p dir="ltr">The reason behind the switch might be that in November, <a href="">Bithumb</a> &mdash; a major South Korean exchange &mdash; allegedly overtook <a href="">Binance</a> as the top exchange in terms of daily trade volume. According to CryptoCompare, Bithumb averaged at $1.24 billion last month, while Binance has only reached $641 million.</p><p dir="ltr">It is important to note that while Bithumb&rsquo;s daily trade volume has increased significantly in November, the number of its daily visitors has visibly decreased, as per CCCAGG. CryptoCompare&rsquo;s own analysts have <a href="" rel="nofollow,noopener" target="_blank">suggested</a> that this could point to the adoption by the exchange of some incentive programs, such as &ldquo;competitions, trans-fee mining, [and] rebate programs.&rdquo;</p><p dir="ltr">In late October, South Korea&rsquo;s main financial regulator, Financial Services Commission (FSC), <a href="">officially allowed</a> banks to service crypto exchanges, provided they implement adequate Anti-Money Laundering (<a href="">AML</a>) safeguards and apply Know Your Customer (<a href="">KYC</a>) checks.</p><p dir="ltr">As Cointelegraph <a href="">reported</a> later, the adoption of this stance by the FSC could provide an impetus to the development of the crypto industry in South Korea.</p><p dir="ltr">November in South Korea was also marked by the <a href="">shutting down</a> of a local crypto exchange Zeniex. A <a href="" rel="nofollow,noopener" target="_blank">joint project</a> by South Korea and <a href="">China</a> operating since May 2018, the exchange was mentioned in the FSC&rsquo;s warning about investing in unauthorized crypto exchanges and Initial Coin Offerings (ICOs).

Also in November, Bithumb reportedly signed a deal with an American fintech crowdfunding platform SeriesOne in an effort to launch a securities token exchange in the United States.

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