Paid Korean encryption for customers, $ 87 million in one year star-news.press/wp

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Tim Alper

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Tim Alper

About the author

Tim Alper is a British journalist and a work feature writer in Cryptonews.com since 2018. He has written for media outlets such as BBC, Guardian, and Chosun Ilbo. He also worked …

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July 27, 2025

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The exchange of encryption in South Korea paid its customers $ 87 million of interest on FIAT deposits in the past 12 months.

For all the South Korean News Agency Yonhap (across AlwaysData on interest payments were provided by the financial supervision service on July 27 after requesting freedom of information from the legislator, the Democratic Party.

Hugh is a member of the Political Affairs Committee of the National Assembly.

The interest fee competition in South Korea for encryption

The data indicates that the five trading platforms in the country have paid the benefit of their customers at a value of 120.26 billion winners since the launch of the Virtual Asset User Protection Law in July last year.

The law stipulates that the stock exchanges (Upbit, Bithumb, Coinone, Korbit, and GOPAX) should make reasonable interest payments on the deposits of Fiat on the exchange platforms.

Before the launch of the law, platforms usually make nominal interest payments by only 0.1 % annually.

However, the introduction to the law sparked a wave of competition. The platforms began to scramble to withdraw new customers at high interest rates in the eye, paid.

This was crowned in BitHumb, a 4 % interest rate, only to perform the U course after only 6 hours.

Since this activity related to the interest rate, the platforms slowly began to reduce their rates.

At the end of June of this year, APbit was 2.1 %. Bithumb was offered 2.2 %, with Coinone OffEing 2.0 %, Korbit 2.1 %, and GOPAX determination rates by only 1.3 %.

However, the GOPAX rate was still much higher than interest rates at the expense of most commercial banks by 1 %.

Infinite interest rates below?

The platforms have ever started responding to the Korea Bank’s decision to reduce basic interest rates. Korbit reduced the rate of use fees to 1.9 % this month. Coinone has also announced its decision to reduce its rate to 1.77 % starting next month.

A spokesman for the financial supervision service said that the organizer wanted to “create a standard for interest payments that do not” undermine a competitive arrangement. “

Meanwhile, Hugh claimed that although the law provides a “safety network” for users, much of the capital is still “concentrated in some exchanges.”

These comments come after accusations that UPbit has been allowed to create a reality monopoly in the exchange scene, exceeding 60 % of the market share. The legislator said:

“We will continue to improve the system to protect users and create a healthy and competitive environment.”