According to data from Odaily Planet Daily, Upbit's trading volume accounts for more than 80% of South Korea's total cryptocurrency trading volume. By trading volume, Upbit is now among the top five cryptocurrency exchanges in the world, tied with Coinbase. Nam HyeonJoon, a spokesperson for Bithumb, South Korea's second-largest trading platform, said that under the new regulatory system, cryptocurrency exchanges will have to increase reserves, purchase investor protection insurance, and strengthen monitoring of suspicious transactions, which requires "funds and manpower." Simon Seojoon Kim, CEO of Hashed, a South Korean venture capital firm, said that the reserve system required by South Korean regulators is costly for existing and new entrants, but it will be easier for resource-rich trading platforms like Upbit to meet the new standards. It is worth mentioning that in order to avoid conflicts of interest under South Korea's regulatory system, Hashed does not invest in South Korean exchanges. On Tuesday, Crypto.com postponed its plan to enter South Korea, saying that more communication with regulators was needed. The platform was originally scheduled to be launched in South Korea 6 days ago. (Bloomberg)