The two biggest crypto exchanges when it comes to trade volume in South Korea, UPbit and Bithumb, saw their sales plummet by 70% and 63% respectively in the last two years.

According to the<a href="http://dart.fss.or.kr/dsaf001/main.do?rcpNo=20200317801526&amp;dcmNo=7149165"> Financial Supervisory Service</a>, profits of Dunamu, the parent company of UPbit has regressed year by year and is now just around $7.4 million.

The decrease in demand for cryptocurrency since 2018 in South Korea has led to this collapse in profit for UPbit and Bithumb. The peak period of 2017 and 2018 saw Bithumb process over 1.2 billion BTC trades per month, approx $7.2 billion in total.

However, a 75% drop was witnesses in the peak time of 2019 and 2020. Bithumb went from trading so high to a mere 3000,000 worth BTC. A massive decline from the previous years.

UPbit has shared similar fortune and deteriorated from 1.35 billion BTC in 2017 to a meagre 250,000 BTC in the present year. UPbit never managed more than 200,000 monthly volume in the last two years.
<h2>UPbit and Bithumb Have Company</h2>
It's not just UPbit, and Bithumb who are struggling to find their feet in the market, all major exchanges in the country including Korbit and Coinone, and Gopax experienced massive drops of 60-80 per cent. Ever since bitcoin failed to move towards its $20,000 in 2017, these exchanges have been left in tatters.

Staying in controversy for illicit involvements has not really helped their cause. Bithumb was hit with a $67 million tax bill from the National Tax Service for allowing foreign traders involvement. UPbit was charged with accusations regarding faking trade volume. The hacks have been harsh, especially on UPbit who had to deal with a $50 million hack just four months ago.

However, a ray of hope is around the corner mayhaps by the National Assembly of South Korea might spark some new life into Bithumb and UPbit, as it legalized the local exchange crypto markets.

You May Also Read.
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 	<li><a href="https://www.cryptoknowmics.com/news/bithumb-files-a-legal-claim-with-the-tax-tribunal-to-nullify-a-70m-tax/">Bithumb Files A Legal Case With The NTS to Nullify Its $70M Tax</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/upbit-playing-the-blame-game-community-thinks-it-lacks-conviction/">Upbit Playing The Blame Game, Community Thinks It Lacks Conviction</a></li>
 	<li><a href="https://www.cryptoknowmics.com/news/south-korea-exchange-bithumb-introduces-free-transfers-to-international-platforms/">Bithumb Introduces Free Transfers to International Platforms</a></li>
</ul>

UPbit and Bithumb Have Suffered Remarkable Loss in Profits

UPbit and Bithum, the two most prominent exchanges of South Korea have seen their profits dwindle remarkably over the last two years.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

UPbit and Bithumb Have Suffered Remarkable Loss in Profits

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