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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="https://cointelegraph.com/tags/cryptocurrency-exchange">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="https://cointelegraph.com/tags/cryptocompare">CryptoCompare</a>, <a href="https://www.cryptocompare.com/media/35308846/cryptocompare_exchange_review_2018_11.pdf" 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="https://cointelegraph.com/tags/south-korea">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="https://cointelegraph.com/tags/malta">Malta</a> had only achieved $1.2 billion.</p><p dir="ltr">This is a significant change when compared to the <a href="https://blog.bitmex.com/wp-content/uploads/2018/11/cryptocompare_exchange_review_october_2018.pdf" rel="nofollow,noopener" target="_blank">October</a>’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’s $560 million.</p><p dir="ltr">The reason behind the switch might be that in November, <a href="https://cointelegraph.com/tags/bithumb">Bithumb</a> — a major South Korean exchange — allegedly overtook <a href="https://cointelegraph.com/tags/binance">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’s daily trade volume has increased significantly in November, the number of its daily visitors has visibly decreased, as per CCCAGG. CryptoCompare’s own analysts have <a href="https://www.cryptocompare.com/research/exchange-review-november-2018/" rel="nofollow,noopener" target="_blank">suggested</a> that this could point to the adoption by the exchange of some incentive programs, such as “competitions, trans-fee mining, [and] rebate programs.”</p><p dir="ltr">In late October, South Korea’s main financial regulator, Financial Services Commission (FSC), <a href="https://cointelegraph.com/news/koreas-top-financial-regulator-crypto-exchanges-should-face-no-problems-with-banks">officially allowed</a> banks to service crypto exchanges, provided they implement adequate Anti-Money Laundering (<a href="http://cointelegraph.com/tags/aml">AML</a>) safeguards and apply Know Your Customer (<a href="http://cointelegraph.com/tags/kyc">KYC</a>) checks.</p><p dir="ltr">As Cointelegraph <a href="https://cointelegraph.com/news/state-of-regulation-in-south-korea-banks-required-to-provide-fair-services-to-crypto-exchanges">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="https://cointelegraph.com/news/south-koreas-zeniex-closes-amid-government-crackdown-on-unauthorized-crypto-exchanges">shutting down</a> of a local crypto exchange Zeniex. A <a href="http://www.businesskorea.co.kr/news/articleView.html?idxno=25982" rel="nofollow,noopener" target="_blank">joint project</a> by South Korea and <a href="https://cointelegraph.com/tags/china">China</a> operating since May 2018, the exchange was mentioned in the FSC’s warning about investing in unauthorized crypto exchanges and Initial Coin Offerings (ICOs).