South Korean Crypto Exchanges Upbit and Bithumb Report Significant Revenue Declines

South Korea's two largest cryptocurrency exchanges, Upbit and Bithumb, have reported significant declines in revenue and profits for the first half of 2026. The downturn is attributed to a contraction in liquidity across the global digital asset market, leading to weakening investor sentiment.

Dunamu, the parent company of Upbit, saw its consolidated operating revenue drop by 49.1% year-over-year to 408.1 billion won ($289 million) from 801.9 billion won ($568 million). The company's operating profit declined by 79.7% to 111.5 billion won ($79 million), while net profit decreased by 74.1% to 108.4 billion won ($77 million).

Bithumb reported a similar downturn, with its H1 operating revenue falling by 48.7% to 168.8 billion won ($120 million) from 329.2 billion won ($233 million). The company's operating profit dropped by 83.4% to 14.9 billion won ($11 million), while it swung to a net loss of 108.7 billion won ($77 million) from a net profit of 55 billion won ($39 million) a year ago.