Virtual Asset Exchanges See 78% Plunge in Operating Profit as Trading Volumes Decline

2026 First Half Virtual Asset Service Provider Status Survey

As virtual asset trading volume continues to steadily decline, the downturn in exchanges' performance has persisted into the first half of this year.

On October 1, the Financial Intelligence Unit (FIU) under the Financial Services Commission and the Financial Supervisory Service announced the results of the "2026 First Half Virtual Asset Service Provider Status Survey." The survey covered 17 virtual asset exchanges and 9 wallet and custodian service providers.

According to the survey, revenue for the 17 exchanges in the first half of this year reached 576.8 billion won, marking a 41% decrease compared to the previous half's 973.6 billion won. Of total sales, revenue from trading fees in won-based markets such as Upbit and Bithumb accounted for 99.7%.

During the same period, operating profit at the 17 exchanges contracted sharply from 293.2 billion won to 81.6 billion won, a decrease of 78%. Operating profit for won-based markets stood at 101.8 billion won, while coin-based markets recorded an operating loss of 20.2 billion won.

This is largely attributable to the decline in virtual asset trading volume. In the first half of this year, the average daily trading amount at the 17 exchanges was 3.1 trillion won, down by 44% from 5.4 trillion won in the previous half. Looking at monthly figures, the average daily trading value for won-based markets dropped continuously, from 4.5 trillion won in February to 2.4 trillion won in June, while in coin-based markets, it decreased from 5.6 trillion won in March to 2.3 trillion won in June.

An official from the Financial Services Commission explained current market trends, stating, "Heightened caution regarding the trajectory of major economies' monetary policies and worsening overall market supply-demand conditions have led to a sharp drop in Bitcoin prices. Meanwhile, inflationary pressures stemming from war have grown, dampening expectations for interest rate cuts and strengthening risk aversion sentiment. As a result, the downward trend has intensified."

The total custody assets of the 9 virtual asset wallet and custodian service providers also contracted to 230.4 billion won in the first half of this year, a 25% decrease from the previous half. By user category, corporations held 230.4 billion won, and individuals 4 million won.

Meanwhile, the market capitalization of virtual assets in the first half of this year stood at 58.9 trillion won, a 33% drop from the end of last year. During the same period, the number of virtual asset types traded in Korea (excluding duplicates) decreased from 712 to 673.

This content was produced with the assistance of AI translation services.