Crypto exchanges face growing polarization

With interest in crypto investments higher than ever, Korea's top two cryptocurrency exchanges, Upbit and Bithumb, recorded strong profit growth last year, while their smaller rivals — Coinone, Korbit and GOPAX — remain in the red, underscoring the widening gap within the sector, industry officials said Thursday. In 2024, Dunamu, the operator of Korea's largest exchange Upbit, reported a consolidated operating profit of 1.19 trillion won ($838.7 million) — an 85.1 percent increase from the previous year. Bithumb, the second-largest, reversed a loss and returned to profitability last year with an operating profit of 130.7 billion won. Their success was driven by a significant rebound in the virtual asset market, fueled by growing optimism over U.S. President Donald Trump's pro-crypto stance and the approval of spot Bitcoin exchange-traded funds. "Last year was a milestone, driven by the market's recovery and our proactive efforts," a Bithumb official said. "This year, we plan to take another step forward by enhancing convenience and accessibility through our partnership with KB Kook