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Upbit Exchange Outperforms Coinbase and OKX in July

2 mins
Updated by Michael Washburn
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In Brief

  • Upbit's trading volumes surged by 42.3% in July to $29.8 billion, surpassing Coinbase's $28.6 billion.
  • Korean exchanges Upbit, Bithumb, and CoinOne have benefited from the passage of a Virtual Asset User Protection bill.
  • Despite regulatory challenges, Binance remains the largest global spot trading venue with a $208 billion volume.
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Upbit led Korean exchanges’ July surge with $29.8 billion in volume, beating Coinbase’s $28.6 billion, as the US exchange fights a lawsuit from the Securities and Exchange Commission (SEC).

The 42.3% month-on-month spike saw Upbit become the second-largest exchange by trading volume after Binance, which faces legal scrutiny in multiple regions.

Crypto Traders Abandon US For Korean Exchanges

Other Korean businesses, Bithumb and CoinOne, also saw spot volume increases of $27.9% and 4.7% to $6.1 billion and $1.4 billion, respectively.

Upbit and other Korean exchanges saw notable upticks in trading volume as global rivals battle lawsuits.
Spot Volumes Have Been on Downtrend in the Last Five Months | Source: CCData

Upbit’s share of global trading volumes has also risen almost 3% year-to-date.

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The boon for Korean exchanges is unsurprising, given the region’s recent passage of a Virtual Asset User Protection bill. By contrast, the lack of clear rules in jurisdictions like the United States has seen major players struggle to sustain engagement.

Coinbase, the largest exchange in the United States, has seen its volumes fall as it prepares to fight SEC charges it ran an unregistered brokerage. CEO Brian Armstrong confirmed the exchange would also fight an order to delist all assets except Bitcoin.

Binance Edges Derivatives Specialist Deribit But Market Share Shrinks

Binance’s trading volume fell for the fifth consecutive month as regulators in France and America circle.

The exchange saw its share of global spot volume fall to 40.4%, the lowest since August 2022. Its recent slide started in March when the exchange withdrew a promotion offering free BTC trading for spot pairs. 

Subsequent SEC and US Commodity Futures Trading Commission lawsuits saw several key staff departures in the last few months. The exchange is also under French investigation for an alleged role in ‘aggravated money laundering’ and recently exited other European jurisdictions after failing to comply with anti-money laundering standards.

However, it remains the largest global spot trading venue, with a $208 billion volume in July. 

It also processed $1.06 trillion in derivatives volumes, beating specialist venue Deribit and Asian competitors OKX and Bybit.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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