Korean Crypto Exchanges Hold 560,000 Foreign Accounts, But Only 90 Are Active

The number of foreign nationals holding accounts on Korean cryptocurrency exchanges has reached 560,000. However, only 90 of them are considered active users.

The data was obtained by Rep. Park Sang-hyuk from the Financial Supervisory Service and released to the public. It shows that Bithumb had the largest number of foreign-held accounts, at 484,846, followed by Upbit with 42,449.

Despite these high numbers, only a tiny percentage of foreign-held accounts have completed know-your-customer verification - just 0.09% or 517 accounts. Furthermore, only 90 of the 560,000 foreign-held accounts were active last month.

The ban on foreign nationals investing through domestic crypto exchanges was implemented in 2021 following a revision to the Act on Reporting and Using Specified Financial Transaction Information. Industry officials are now calling for rule changes to allow more foreign participation, citing the potential benefits of greater price discovery and competitiveness.