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South Korean banks record volumes of deposits and withdrawals to local Crypto exchanges.

South Korean banks record volumes of deposits and withdrawals to local Crypto exchanges.

Bank account flows for South Korean Crypto exchanges surge 40% since the year 2020. The Upbit exchange paid ten times more in fees to South Korean internet bank K bank Q1 2021 than the previous quarter.

Record Volume

South Korean banks saw a record volume of deposits and withdrawals since the cryptocurrency market grew in the first quarter of 2021. As a result, the commercial banks processed 64.2 trillion won, equivalent to $57.9 billion of transactions on real-name bank accounts.

Kim Byung-Wook

Kim Byung-Wook is a member of the Democratic party, acquired Financial supervisory service. According to this data, these accounts are linked to the Crypto exchanges in Q1 2021. The Q1 results comprise data from lenders like Shin Bank, online Bank, K bank, and Korean NH NongHyup Bank.

Four local exchanges

Moreover, there are four major local Crypto exchanges, including Upbit, Bithumb CoinOne, and Korbit. As a result, the Crypto flows on verified bank accounts in South Korea surged over 40% year over year from 37 million trillion won in Q1 2020, according to the data.

Exchange Fee

South Korean banks have recorded a significant increase in Crypto exchange fees. For example, K bank alone received nearly 5 billion won in Crypto commissions from the Upbit exchange in Q1. This is almost a ten-fold increase from 560 million won in Q4 2020.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.