Korean Crypto Exchanges Upbit and Bithumb Suffer Steep Revenue Declines

Korean cryptocurrency exchanges Upbit and Bithumb saw significant declines in revenue and profit during the first half of 2026, due to a sharp drop in trading volumes and prices.

The country's two largest exchanges reported steep losses: Upbit parent Dunamu saw its operating revenue plunge by 49.1% year-over-year to 408.1 billion won ($289 million), while Bithumb swung into the red with a net loss of 108.7 billion won ($77 million).

The decline in revenues is largely attributed to the contraction in liquidity across the global digital asset market, which has led to weakening investor sentiment.