South Korean Crypto Investors Transfer 25.3 Trillion KRW to Overseas Exchanges Amid Improved Market

In the second half of last year, domestic cryptocurrency investors sent KRW 25.3 trillion to overseas exchanges. Improved market conditions led to increased trading of new virtual assets not listed in Korea and exploiting price differences between exchanges.

The Financial Intelligence Unit reported that KRW 38.1 trillion was withdrawn from domestic exchanges, with KRW 10.4 trillion subject to the ‘travel rule’ for transfers over 1 million won. Withdrawals to overseas exchanges and personal wallets accounted for 71% of the total, a 22% increase from the first half of the year.

The FIU noted that investors transferred crypto assets overseas mainly for arbitrage and trading on platforms like Binance.

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