RATE Group | Doom as 97% of South Korean cryptocurrency exchanges risk shutting down
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Doom as 97% of South Korean cryptocurrency exchanges risk shutting down

19 Aug Doom as 97% of South Korean cryptocurrency exchanges risk shutting down

Posted at 16:45h in Cryptocurrency News by

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  • Most of the world’s top 100 crypto exchanges are from South Korea.
  • “tougher domestic cryptocurrency exchange market conditions” are not making the situation better.

A newly released report by Business Korea argues that a large number of South Korea-based cryptocurrency exchange are on the verge of closing down. The report cites low trading volumes as the reason why the exchanges could grind to halt.

“It is no exaggeration to say that 97 percent of domestic exchanges are in danger of going bankrupt due to their low volume of transactions.”

Unfortunately, the report fails to provide concrete data to back such a strong claim. One should note that most of the top 100 crypto exchanges by trading volume are South Korean-based. At the same time, one crypto exchange in the country Coinnest already closed its doors citing a decrease in trading volume.

More to read: Bitcoin price prediction: BTC/USD magnificent start of week – Confluence Detector

Due…

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