Korea’s Top Exchanges Hit 6 Million Accounts, Fueled by ETF Hopes and Investor Confidence

The four largest cryptocurrency exchanges in Korea, namely Ubit, Bithumb, Coinone, and Korbit, collectively have over 6 million bank-verified accounts, with an increase of more than 1 million new accounts despite a decrease in active accounts last year. This surge in new investors is attributed to anticipation surrounding the US financial regulator’s potential approval of a bitcoin spot exchange-traded fund (ETF) in the new year.

Data from the Financial Supervisory Service reveals a significant rise in real-name verified accounts, reaching 6.75 million by the end of December, up 18.9% from the previous year. Investor sentiment has improved, as evidenced by the recovery in KRW deposits, which reached KRW 4.7948 trillion, a 33% increase from the previous year. The launch of Bitcoin spot ETFs is seen as a contributing factor to this recovery, leading to increased trading volume and market interest.

Bithumb experienced notable growth in KRW deposits following news of the potential Bitcoin ETF approval, while some exchanges saw increased trading activity due to zero-fee policies. Despite this, the number of active accounts declined, possibly due to market downturns and changes in investor behavior.

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