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Over $110 Billion in Crypto Assets Flowed from South Korean Exchanges to Offshore Platforms in 2024

More than 160 trillion Korean won (about $110 billion) in crypto assets moved from South Korea's domestic exchanges to offshore platforms last year amid local regulatory constraints, according to a joint report released Friday by Coingecko and Tiger Research. South Korea's Digital Asset Basic Act (DABA) has been delayed since December due to disagreements among regulators over stablecoin issuance, while the Virtual Asset User Protection Act that took effect in 2024 does not cover leverage or derivatives trading. Aju Press reported in November that the number of large accounts held by Korean investors on overseas exchanges more than doubled in a year. The study found that crypto has become a major investment class in South Korea with 10 million investors and revenues at platforms such as Upbit and Bithumb reaching several trillion won, yet growth at local exchanges has stalled as activity shifts toward overseas venues like Binance and Bybit.
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