South Korea's top five crypto exchanges saw spot trading volume drop 33% quarter-on-quarter in Q2, a steeper decline than the global top ten exchanges

Odaily News: The spot trading volume of South Korea's top five KRW exchanges — Upbit, Bithumb, Coinone, Digital X (formerly Korbit), and GOPAX — fell from approximately $218.8 billion in Q1 to about $146.7 billion in Q2, a 33% quarter-on-quarter decline. Over the same period, the spot trading volume of the world's top ten centralized exchanges dropped 27.9% quarter-on-quarter to $1.95 trillion, a smaller decline than that of the South Korean market. Analysts believe that under South Korea's regulatory restrictions, domestic exchanges remain focused primarily on spot trading and are unable to offer cryptocurrency derivatives services, while overseas trading platforms continue to expand their business boundaries.