Crypto Exchanges
By Pankaj K
1 / 15
Dunamu's Numbers Tell a Similar Story. Dunamu, the parent company behind Upbit, didn't fare much better. Operating revenue came in at 408.
2 / 15
Polymarket Banned as Illegal Gambling. Meanwhile, South Korea's Media and Communications Commission moved against Polymarket, the…
3 / 15
South Korea's two biggest crypto exchanges are bleeding. Upbit and Bithumb both reported sharp revenue declines in the first half of the year, and the numbers are pretty hard to…
4 / 15
Bithumb got hit especially hard. Operating profit collapsed to 14.9 billion won — roughly $11 million — down 83% from 90.1 billion won ($64 million) the year before.
5 / 15
Dunamu, the parent company behind Upbit, didn't fare much better. Operating revenue came in at 408.1 billion won ($289 million), a 49% drop from the prior year's 801.
6 / 15
That's a consistent explanation. Both exchanges are basically saying the same thing: the global market dried up, traders pulled back, and fee revenue followed.
7 / 15
Crypto markets globally have been through a rough stretch, and South Korea's retail-heavy trading culture makes local platforms especially sensitive to sentiment swings.
8 / 15
Meanwhile, South Korea's Media and Communications Commission moved against Polymarket, the crypto-based prediction market platform.
9 / 15
Polymarket pushed back. The platform said it isn't involved with user funds directly and had already removed Korean-language services from its interface. Neither move was enough.
10 / 15
More context: South Korea Bans Polymarket as France, Australia, and Germany Follow Suit
11 / 15
It's a pretty firm line. The commission basically said: the underlying activity is what matters, not the language settings or the payment rails.
12 / 15
That's a tough position for any prediction market operator trying to argue its way into South Korean compliance.
13 / 15
South Korea has been tightening its grip on digital asset platforms for a while now. The country has some of the most active retail crypto participation in the world, which makes…
14 / 15
The Polymarket ban and the Upbit/Bithumb revenue drops aren't directly connected, but they paint a coherent picture of where South Korea's crypto sector is right now.
15 / 15
Related: EUs 21st Sanctions Package Puts 14 Crypto Platforms in Georgia, UAE, and Panama on Notice
The Currency Analytics
Want the full story?