Upbit exchange paid 10 cases more in charges to South Korean internet bank Okay Monetary institution Q1 2021 than in the previous quarter.
As cryptocurrency markets grew in the first quarter of 2021, South Korean banks saw file volumes of deposits and withdrawals to local crypto exchanges.
South Korean industrial banks processed 64.2 trillion won ($57.9 billion) of transactions on accurate-title bank accounts linked to crypto exchanges in Q1 2021, in accordance with files from Monetary Supervisory Provider obtained by Democratic Celebration member Kim Byung-wook.
The Q1 outcomes comprise files from lenders appreciate Shinhan Monetary institution, on-line bank Okay Monetary institution and Korean NH NongHyup Monetary institution, moreover four most major local crypto exchanges including Upbit, Bithumb, Coinone and Korbit, local industrial publication The Maeil Industry Newspaper experiences Tuesday.
Per the ideas, crypto flows on verified bank accounts in South Korea surged over 40% year-over-year from 37 trillion won ($33.4 billion) in Q1 2020.
South Korean banks beget also recorded a indispensable design bigger in charges paid by crypto exchanges, with Okay Monetary institution receiving nearly about 5 billion won ($4.5 million) in crypto commissions from Upbit exchange in Q1. That is quite a tenfold design bigger from 560 million won ($504,000) in Q4 2020, the file notes.
NH Nonghyup Monetary institution reportedly obtained 1.3 billion won ($1.2 million) and 330 million won ($297,000) from Bithumb and Coinone, respectively, in Q1 2021, whereas Shinhan Monetary institution obtained 145 million won ($131,000) from Korbit, the ideas confirmed.
Kim talked about that the “rising speculative fever in crypto markets fueled by market liquidity” led to the marked design bigger in the varied of accurate-title bank accounts for crypto trading and crypto exchange-derived charges.
“The financial authorities and most major industrial banks ought to aloof roll up their sleeves to guard crypto investors from conceivable crypto scams and exterior hacking attacks concentrating on local coin operators,” the legit talked about.
As previously reported, South Korean financial regulators require local digital asset service suppliers to earn verifiable accounts in their accurate names from banks.