The post Binance Dominates Korean Exchanges Amid Regulatory Gaps appeared on BitcoinEthereumNews.com.

Binance has 22 times the volume of all Korean crypto exchanges combined. The price of BTC hit an all-time high on Korean exchanges at 120 Korean won.  South Korea’s FSS is investigating five local crypto exchanges. South Korean authorities are investigating local cryptocurrency exchanges for potential anti-monopoly breaches, fueled by Binance’s overarching dominance in the market. Binance’s trading volume is 22 times that of all South Korean exchanges combined, including Upbit, which holds an 80% market share in the region. This disparity in volume has raised concerns about fair competition and potential regulatory gaps in the South Korean cryptocurrency market. Authorities are now scrutinizing local exchanges to ensure compliance with anti-monopoly laws and to maintain a level playing field for all market participants. Binance’s Trading Volume in South Korea A recent analysis by “burakkesmeci” on CryptoQuant revealed the extent of Binance’s dominance. Over the past six months, Binance’s trading volume has consistently dwarfed that of all Korean exchanges combined. In May, Binance’s volume was $514 billion, while Korean exchanges totaled $23 billion. In June, Binance recorded $337 billion, compared to $115 billion for Korean exchanges. This trend continued in July and August, with Binance at $415 billion and $361 billion, respectively, while Korean exchanges reached only $12.80 billion and $12.09 billion. In September and October, Binance’s volume was $230 billion and $310 billion, while Korean exchanges totaled $7.82 billion and $17.78 billion. Bitcoin’s Price Surge in South Korea On the other hand, the price of Bitcoin (BTC) surpassed 120 million won ($85,500) at local exchanges for the first time, as per a report on Wednesday by Asia News Network. Read also: South Korea Pilots CBDC as Crypto Reshapes Job Market The rallying market is expected to attract significant volume in exchanges as well. While Bitcoin traded at 127 million won…

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Filed under: News - @ November 13, 2024 10:25 am