Cryptocurrency exchanges registered in South Korea have overtaken their Maltese-registered counterparts by average daily trade volume in November.
This is according to a report by cryptocurrency market data provider CryptoCompare, published Thursday, Dec. 6.The November edition of CCCAGG, a monthly crypto exchange review published by CryptoCompare, shows that South Korean exchanges, including Bithumb, Coinone, Korbit and Upbit among others, registered a combined $1.4 billion of average daily trade volume.
This is a significant change when compared to the October's CCCAGG. According to CryptoCompare, back then the combined average daily trade volume of Maltese exchanges was at $1.4 billion, whereas South Korea was lagging behind with only $840 million, followed by Hong Kong's $560 million.
The reason behind the switch might be that in November, Bithumb - a major South Korean exchange - allegedly overtook Binance as the top exchange in terms of daily trade volume.
It is important to note that while Bithumb's daily trade volume has increased significantly in November, the number of its daily visitors has visibly decreased, as per CCCAGG. CryptoCompare's own analysts have suggested that this could point to the adoption by the exchange of some incentive programs, such as "Competitions, trans-fee mining, [and] rebate programs."
In late October, South Korea's main financial regulator, Financial Services Commission, officially allowed banks to service crypto exchanges, provided they implement adequate Anti-Money Laundering safeguards and apply Know Your Customer checks.
As Cointelegraph reported later, the adoption of this stance by the FSC could provide an impetus to the development of the crypto industry in South Korea.
November in South Korea was also marked by the shutting down of a local crypto exchange Zeniex.
A joint project by South Korea and China operating since May 2018, the exchange was mentioned in the FSC's warning about investing in unauthorized crypto exchanges and Initial Coin Offerings.
Bithumb reportedly signed a deal with an American fintech crowdfunding platform SeriesOne in an effort to launch a securities token exchange in the United States.
Report: South Korean Crypto Exchanges Overtake Maltese Ones by Daily Trade Volume
gepubliceerd op Dec 7, 2018
by Cointele | gepubliceerd op Coinage
Coinage
Vermeld in dit artikel
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.