🇰🇷 South Korea's Largest Crypto Exchanges Lose 50% of Revenue
Upbit and Bithumb reported a significant decline in revenue and profit for the first half of 2026. This is attributed to slowing activity in the local cryptocurrency market and a shift of capital into the AI sector.
Dunamu's (Upbit's parent company) operating revenue for the six-month period fell by 49.1% to $289 million. Net profit decreased by 74.1% to approximately $77 million. Bithumb's revenue dropped by 48.7% to $233 million. For the half-year, the platform recorded a net loss of $77 million.
Dunamu noted that the decline in metrics is linked to reduced liquidity in the global digital asset market, which led to worsening investor sentiment. Additionally, investment capital in South Korea has significantly shifted from cryptocurrencies to the stock market, specifically into shares of companies operating in the artificial intelligence sector.
In total, across the five South Korean exchanges Upbit, Bithumb, Coinone, Korbit, and Gopax, the total trading volume in the second quarter decreased by 49.5% to $146.43 billion.
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1August 19, 2026 1.3K 1
