South Korea Exchanges Dominate Foreign Crypto Accounts with Surprisingly Low Activity

South Korea's five largest cryptocurrency exchanges have seen a significant number of foreign accounts opened, but actual usage is surprisingly low. As of July, there were 566,352 foreign accounts across these exchanges, but only 90 were active in the same month.

Corporate accounts showed a similar pattern, with thousands opened but limited actual activity. Bithumb had the largest number of corporate accounts at 3,280, followed by Dunamu with 2,086. Together, the two accounted for 81.4% of total corporate accounts.

The assets held in these accounts were sizable, however. Corporate accounts held about $31.4 million in crypto assets, while foreign account holders had about $22.0 million in crypto assets and $1.9 million in deposits.