Since 2020, bank account traffic on South Korean cryptocurrency exchanges has surged by 40%

As the cryptocurrency market grows, The first quarter of 2021, Bank of Korea’s deposits and withdrawals from local cryptocurrency exchanges hit a record high.

According to data obtained by Democratic Party member Kim Byung-wook from the Financial Supervisory Service (Financial Supervisory Service), Korean commercial banks processed 64.2 trillion won in real-name bank accounts linked to crypto exchanges in the first quarter of 2021. (57.9 billion U.S. dollars) transactions.

The results of the first quarter include data from lenders such as Shinhan Bank, online bank K Bank, and South Korea’s NH NongHyup Bank, as well as the local business publication The Maeil Business Newspaper and four major local cryptocurrency exchanges, including Upbit, Bithumb, and Coinone And Korbit. report on Tuesday.

According to data, the flow of cryptocurrencies on verified bank accounts in South Korea has increased by more than 40% year-on-year from 37 trillion won (33.4 billion U.S. dollars) in the first quarter of 2020.

Bank of Korea also recorded a significant increase in fees paid by crypto exchanges. In the first quarter, Bank K received nearly 5 billion won (US$4.5 million) in crypto commissions from Upbit Exchange. According to the report, this is a nearly ten-fold increase from the 560 million won (504,000 US dollars) in the fourth quarter of 2020.

According to reports, NH Nonghyup Bank received Data shows that in the first quarter of 2021, Bithumb and Coinone received 1.3 billion won (1.2 million U.S. dollars) and 330 million won (297,000 U.S. dollars) in revenue, respectively, while Shinhan Bank received 145 million won (131,000 U.S. dollars) from Korbit. U.S. dollars).

Jin said, “Driven by market liquidity, the speculative fever in the crypto market is heating up,” which has led to a significant increase in the number of real-name bank accounts used for crypto transactions and fees derived from crypto transactions.

The official said: “Financial authorities and major commercial banks should stand by and protect cryptocurrency investors from possible cryptocurrency scams and external hacker attacks against local coin operators.”

As previously reported, South Korean financial regulators require local digital asset service providers Get a verifiable account under your real name From the bank.