FIUActive
South Korea Virtual Asset Service Provider (VASP)
korbit
Regulated in South Korea
Virtual Asset Service Provider (VASP)
Basic Information
Country/RegionSouth Korea
Exchange Abbreviationkorbit
Company Name주식회사 코빗
Operating Period10-15 years
Websitehttps://www.korbit.co.kr/
Exchange TypeCentralized Exchange
RiskNotice
2 risk alerts
- License No.
- Unreleased
- Regulatory Jurisdiction
- South Korea
- Licensed Entity
- 주식회사 코빗
- Effective Date
- 2021-10-20
- Sharing Status
- No
Survey1
Asset Reserves
Exchanges with reserves exceeding 18.02%
51 /100
$30,030,000
ETH$14.01M
Capital flows
Exchanges with 24H inflows exceeding 35.47%
21 /100
+$587,072.35
1.88% StableTrading Volume
Exchanges with 24H trading volume exceeding --
0 /100
$145,220,000
4.07% Exchange Overview
Exchange Overview
What Is Korbit?
Korbit is a South Korean exchange, one of the oldest and largest in the industry. The platform claims to provide its clients with beneficial terms of cooperation, competitive fees, access to popular cryptocurrency markets, secure asset management, and a trading API that supports automated trading.
The centralized exchange is convenient for both beginners and skilled users. However, for international traders, the experience can be challenging as the platform is aimed at local players in the South Korean crypto market. It also grants access to ETH 2.0 staking and a NFT marketplace. Another feature is Korbit's virtual asset reward service aka Korbit piggy bank.
Korbit allows customers to use the local currency, Korean Won (KRW), for crypto transactions. The exchange provides a low entry threshold, a set of basic tools and functions for technical analysis, and a well-established trading terminal in the browser. The site has an optimized and comfortable interface.
Throughout its existence, the platform has reportedly never been hacked. It has a modern and advanced security system, and logins/withdrawals/deposits are protected by 2-factor authentication.
Who Are the Korbit Founders?
Korbit was created by Tony Lyu, Kangmo Kim, and Louis Jinhwa Kim in 2013.
Tony Lyu is the co-founder and former CEO of the company. He also co-founded the TIDE Institute and Upstart. Lyu graduated from the University of London where he studied Financial Economics. He worked at the Korea International Cooperation Agency as an International Cooperation Agent and at the United Nations Office for Outer Space Affairs as an Associate Expert. After leaving Korbit, Lyu joined SoftBank as a Venture Partner.
Oh Se-jin is Korbit's current CEO.
When Did Korbit Launch?
The company was established back in July 2013. In 2017, it was acquired by Korean game developer Nexon.
Where Is Korbit Located?
Korbit is headquartered in Gangnam-gu, a district in Seoul, South Korea.
Korbit Restricted Countries
The exchange is available only to South Korean residents since the interface language is Korean, and the main fiat currency is KRW. In 2022, Korbit and several other Korean exchanges blocked Russian IP addresses.
What Coins Are Supported on Korbit?
Initially, Korbit's activity was limited to BTC/KRW trading, but over time, the project expanded the asset base. Currently, the platform provides access to various cryptos, among them: BTC, ETH, XRP, XLM, BCH, BNB, EOS, LTC, LINK, FIL, SOL, SAND, MANA, USDC, ADA, DOGE, DAI, DOT and many others. Digital assets are paired with KRW (the Korean Won).
How Much Are Korbit Fees?
Users can buy/sell cryptocurrencies with commissions below the market average. Trading fees depend on the trading volume for a period of 30 days. The higher the volume, the lower the commission. The maker fee is 0.08%, while the taker fee is 0.2% (in case the volume is less than 100 million KRW). If the monthly trading volume is more than 100 billion KRW, the maker fee is free, the taker fee is 0.01%. Deposits on the Korbit exchange are free. The platform charges a fee for withdrawing BTC, which is 0.0001 BTC.
Is It Possible To Use Leverage or Margin Trading on Korbit?
Margin trading is not available.
Business Region
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News
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Korbit to Sell 15 BTC and 60 ETH in July to Cover Operating Costs
South Korean cryptocurrency exchange Korbit has announced plans to sell a portion of its digital asset holdings in July. The exchange will sell 15 Bitcoin ($BTC) and 60 Ethereum ($ETH) between July 3 and July 31, with the proceeds intended to cover operating expenses, including labor costs. Details of the Planned Sale According to an official statement, Korbit will execute the sales gradually over the month of July. The specific timing and execution method—whether through over-the-counter (OTC) trades or on its own order book—have not been disclosed. The exchange stated that the decision is a routine measure to manage operational liquidity. Context and Market Implications Korbit is one of the five major cryptocurrency exchanges in South Korea, alongside Upbit, Bithumb, Coinone, and Gopax. While the sale of 15 $BTC and 60 $ETH is relatively modest compared to the exchanges overall holdings and daily trading volume, it provides insight into the operational realities of crypto exchanges. Exchanges often need to convert digital assets into fiat currency to pay for salaries, rent, and other overheads, especially in markets where banking partnerships are limited. Why This Matters to Traders For market participants, a planned sale of this size is unlikely to have a significant impact on Bitcoin or Ethereum
South Korean Crypto Exchange Bithumb Reinstates Commission Fees After Four Months
The South Korean crypto exchange Bithumb ended its four-month campaign of commission-free crypto trading on February 5. Per Insight Korea, Bithumb began charging a 0.04% fee “for all crypto transactions starting from February 5.” Bithumb vs Upbit: South Korean Crypto Exchange Rivals Go to War？ The exchange has been trying to claw back market share from its biggest rival, Upbit. In recent years, Upbit has eclipsed Bithumb to become the South Korean market leader. The exchange also wants to surpass Upbit by becoming the first South Korean crypto exchange to go public on the KOSPI stock market index. Bithumb told its customers it was doing away with commission fees on October 4 last year. This has led to a rise in trading volumes on Bithumb, with Upbit losing its once-total domination of the market. Trading volumes on the Bithumb and Upbit crypto exchanges over the past three months. (Image created using materials from CoinGecko) Bithumb and Upbit rivals Coinone and Korbit also did away with commission fees, with Upbit refusing to follow suit. The media outlet wrote: “Commission-free trading has been the main driving force behind Bithumb‘s growth over the past four months. Bithumb’s market share, which was only 10% in September last year, grew rapidly, reaching 51%
S.Korea Regulations: Here’s the List of Crypto Exchanges that Made the Final Cut
The final deadline for registration for crypto exchanges in South Korea came to an end on September 24. And out of 40 odds crypto exchanges left in the country, only four made the final cut. South Koreas latest AML guidelines which came into effect in January require crypto exchanges to do away with shadow banking accounts and partner with banks to offer real banking facilities to the customers. However, out of 300 odd crypto exchanges functional at the time only a fractional four has made the final cut. The Financial Service Committee (FSC) had extended the deadline for registration to September 24 after none of the crypto exchanges came forward until the first deadline in March. However, even after the second extension, only four could make the final cut. The four crypto exchanges that would now legally operate under the new guidelines would include Upbit, Bithumb, Coinone, and Korbit. Among smaller exchanges, Gopax was the only one that tried till the last moment to get a banking partnership but on Friday it revealed that none of the regional banks were ready for a partnership. Upbit has an agreement with internet-only K bank, Bithumb and Coinone are with NongHyup Bank, and Korbit with
