Deposits and Withdrawals From South Korean Banks to Exchanges Hit New Record

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The volume of deposits and withdrawals from South Korean banks to cryptocurrency trading platforms has experienced a considerable increase recently.

According to local publication The Maeil Business Newspaper, the number of deposits and withdrawals made from the country’s banks to cryptocurrency exchanges has soared recently.

During the first quarter of the year, users made deposits/withdrawals from their banks to crypto trading platforms worth over 64.2 trillion won ($57.9 billion), according to the Financial Supervisory Service, which has analyzed data from banks Shinhan Bank, K Bank and Korean NH NongHyup Bank and cryptocurrency exchanges Upbit, Bithumb, CoinOne and Korbit.

In addition, crypto trading platforms also paid higher fees for the transactions. For example, Upbit paid up to $4.5 million in commissions during Q1.