Data: South Korea's top 5 crypto exchanges face competitive pressure, spot trading volume fell 33% quarter-on-quarter in Q2.

PANews October 14 news, according to South Korean media Daum, the spot trading volume of South Korea's five major Korean won exchanges Upbit, Bithumb, Coinone, Digital X (formerly Korbit), and GOPAX fell from approximately $218.8 billion in the first quarter to approximately $146.7 billion in the second quarter, a quarter-on-quarter decline of 33%. During the same period, the spot trading volume of the world's top ten centralized exchanges fell 27.9% quarter-on-quarter to $1.95 trillion, a smaller decline than the South Korean market.

Analysts believe that under South Korean regulatory restrictions, local exchanges still focus mainly on spot trading and cannot provide cryptocurrency derivatives services; overseas trading platforms, meanwhile, continue to expand the boundaries of their business.