South Korean crypto exchange operating profits fell 78% to KRW81.6 billion in H1 2026
KoFIU says Korean crypto exchange operating profits fell 78% to KRW81.6 billion in H1 2026, with daily volume down 44% and won deposits down 35%.
Why it matters
Exchange income comes mostly from transaction fees, so the 44% drop in daily volume is consistent with the far steeper profit fall, and Bitcoin Insider noted that compliance, custody and technology costs do not shrink with volume. The count of accounts eligible to trade still grew 0.4%, so the first-half figures show less money moving rather than fewer participants. What drove traders away from Korean platforms is not established by the official data.
Where the sources disagree
Size of the decline in crypto held by South Korean investors
78%
Cointelegraph
44%
Crypto.News
KoFIU reported domestic crypto market value down 33% to KRW58.9 trillion over the first half, while Cointelegraph, citing ChosunBiz, reported holdings down 50.2% to 60.6 trillion won over roughly a year as of May.
Which five exchanges are counted in Korean volume totals
Upbit, Bithumb, Coinone, Digital X, Gopax
Crypto.News
Upbit, Bithumb, Coinone, Korbit, Gopax
Cointelegraph
The weekly tally covers Upbit, Bithumb, Coinone, Digital X and Gopax, whereas Cointelegraph's July analysis used Upbit, Bithumb, Coinone, Korbit and Gopax.
Key facts
Operating profits at South Korean crypto exchanges fell 78% in the first half of 2026.
78 %Disputed figureReported by Cointelegraph
Average daily trading volume fell 44% to KRW3.1 trillion from KRW5.4 trillion in the second half of 2025.
44 %Disputed figureReported by Cointelegraph
Exchange sales fell 41% over the same period.
41 %Reported by Cointelegraph
Won-denominated customer deposits fell 35% to KRW5.2 trillion while tradable accounts rose 0.4%.
35 %Reported by Cointelegraph
The market value of crypto held in South Korea dropped 33% to KRW58.9 trillion by the end of June.
33 %Reported by Cointelegraph
Upbit held 64.04% of the five-exchange market during that week, down 3.3 percentage points, while Bithumb rose to 26.66% and Coinone to 6.58%.
64.04 %Reported by Crypto.News
What happened
The Korea Financial Intelligence Unit reported on Oct. 1 that operating profits at South Korean crypto exchanges fell 78% to KRW81.6 billion in the first half of 2026, down from KRW374.8 billion in the second half of 2025. KoFIU's survey covered 26 registered virtual asset service providers, 17 exchange operators and nine custody and wallet firms, and covers Jan. 1 through June 30; Crypto.News notes the figures came from company submissions and are not classified as official national statistics. Average daily trading volume fell 44% to KRW3.1 trillion from KRW5.4 trillion, exchange sales dropped 41%, won-denominated deposits fell 35% to KRW5.2 trillion and the domestic crypto market value fell 33% to KRW58.9 trillion by the end of June, while accounts eligible to trade edged up 0.4%. Bitcoin Insider, citing Cointelegraph and BitKE, put the profit decline at roughly 78% to 80%, a slightly wider range than the 78% KoFIU reported. ChosunBiz linked the drop to capital moving toward stocks, and Cointelegraph's own July analysis found average daily volume across Upbit, Bithumb, Coinone, Korbit and Gopax down about 89% year over year. Separately, Digital Asset figures reported by Crypto.News show the five largest Korean exchanges handling 20.5 trillion won ($15.1 billion) from Sept. 25 to Oct. 2, down 19.56% week over week, with no cause attributed.
How the story developed
- Official statement
KoFIU reports first-half 2026 virtual asset business figures
Survey covers 26 registered providers, 17 exchanges and nine custody and wallet firms for Jan. 1 through June 30; data compiled from company submissions.
- First report
First report by Cointelegraph
South Korea crypto exchange profits fall 78% in H1 amid trading slump
- Update
Cointelegraph reports the 78% operating profit fall
Attributes the decline to lower trading volumes, market valuations and customer deposits.
- Update
Cointelegraph analysis finds about 89% year-over-year drop across five Korean venues
Covered combined average daily volume at Upbit, Bithumb, Coinone, Korbit and Gopax.
- Update
Bitcoin Insider republishes the story with a 78% to 80% range
Aggregator cites Cointelegraph and BitKE and describes exchange cost bases as largely fixed.
- Independent corroboration
Independently corroborated by Crypto.News
What drove South Korea crypto exchange profits down 78%?
- Update
Crypto.News details the KRW81.6 billion profit level and component figures
Gives the KRW374.8 billion comparison base, the KRW3.1 trillion daily volume and the 83% share of whitelisted overseas wallets in external transfers.
- Update
Digital Asset weekly volume data show a 19.56% drop
Five-exchange volume of 20.5 trillion won for Sept. 25 to Oct. 2, with no single cause attributed.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 2 Oct 2026, 05:53 UTC: Cointelegraph — 1 independent source, 1 reports
- 2 Oct 2026, 06:45 UTC: Bitcoin Insider — 2 independent sources, 2 reports
- 2 Oct 2026, 07:51 UTC: Crypto.News — 3 independent sources, 3 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Cointelegraph Crypto media | South Korea crypto exchange profits fall 78% in H1 amid trading slump | Original | |
| Crypto.News Crypto media | What drove South Korea crypto exchange profits down 78%? | Independent | |
| Crypto.News Crypto media | South Korea crypto trading drops 20% in a week | Independent | |
| Bitcoin Insider Aggregator | South Korea’s Crypto Exchange Profits Plunge 78% in First Half of 2026 | Syndicated |
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