Aptos

Force

South Korea’s leading cryptocurrency exchange, Upbit, has witnessed a historic dip in its market share volume. It has fallen below 70% for the first time since January. 
The shift is attributed to intensified competition in the Korean market. Exchanges like Bithumb and Korbit have been aggressively implementing zero-fee promotions over the past two months. Source: Kaiko 
Upbit’s market share stood 65.7%, while Bithumb experienced a remarkable upswing of 32.7% in volume. It signals a noteworthy shift in the dynamics of the South Korean crypto landscape. Legal troubles for South Korean exchanges 
The crypto saga in South Korea took a darker turn in May 2023 when authorities <a href="https://news.todayq.com/south-korean-authorities-raid-the-offices-of-top-crypto-exchanges-in-an-ongoing-case/">raided the offices of Upbit and Bithumb</a> as part of an investigation involving politician Kim Nam-kuk. 
The Financial Services Commission reported a list of crypto transactions executed by Kim. They alleged that Kim liquidated over $4 million in crypto assets before the enforcement of the “Travel Rule” by the <a href="https://news.todayq.com/fatf-meet-establishes-a-plan-for-improved-regulation-of-virtual-assets/">Financial Action Task Force</a> in March 2023. The revelation sparked domestic outrage over a potential conflict of interest. 
Adding to the turbulence, Upbit <a href="https://news.todayq.com/upbit-temporarily-suspends-aptos-token-services-amidst-fake-airdrop-scam-investigation/">temporarily suspended</a> all deposit and withdrawal services for the Aptos crypto token in September 2023. The suspension followed the detection of suspicious activity, with an elaborate fake airdrop distributing a token similar to Aptos to approximately 400,000 wallets. 
Investors found themselves on a deceptive website, “ClaimAPTGift(dot)com,” and a circulating screenshot revealed Upbit crediting these fake tokens, labeled as “ClaimAPTGift,” based on blockchain data. Upbit assured users that services would resume post-wallet maintenance. 
Recent events underscore the challenges faced by major exchanges. It calls for a reevaluation of South Korea’s security measures and policies. 
Korbit has also emerged as a big player. The exchange has leveraged strategic moves to capture a larger share of the market. Additionally, reports suggest that Coinone is gearing up for a platform upgrade to enhance user experience and security. It will further intensify the competition among South Korean exchanges. 
© Todayq News

Upbit’s Reign Falters as Bithumb’s market share volume rises

Todayq News

Other articles published on Nov 23, 2023

Ali Martinez Bullish Outlook on Ethereum – Traders Pick TRON and Everlodge for High ROI

Reverse Indicator Jim Cramer Received a "Buy Bitcoin" Call!

Recordian Set to Propel PulseChain Blockchain to New Heights in 2024

SHIB and PEPE Eye Early 2024 Bull Run Amid ETF Expectations

LBank's Third Launchpad Sparks Excitement: AIMEME Participation Unveiled

Investment Analysis: Weighing the Prospects of TRON (TRX) vs. VC Spectra (SPCT)

Join our free newsletter for daily crypto updates!