Upbit, a cryptocurrency platform based in South Korea, is responsible for over 80% of the country’s trading activity and has become among the world’s leading five exchanges in terms of trading volume., Upbit’s customers were responsible for nearly a fifth of the total deposits from its major banking partners last year.
The concerns stem from the fear that these regulations could cement Upbit’s position as the undisputed leader in the Korean market. Simon Seojoon Kim, CEO of Hashed, a Korea-based venture capital firm, echoed these sentiments, noting that well-resourced exchanges like Upbit may find it easier to meet the new standards, potentially widening the gap between market leaders and smaller competitors.
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