South Korean Crypto Exchange Revenue Halved: Even the Most Profitable Business Cannot Escape the Receding Liquidity Tide

The business most resembling traditional finance is also subject to cycles, just like traditional finance.

By: Xiao Bing

South Korea's two largest crypto exchanges simultaneously submitted nearly symmetrical decline report cards.

On August 14, Upbit's parent company Dunamu submitted its first-half 2026 report to the Financial Supervisory Service (FSS) Electronic Disclosure System. On the same day, Bithumb's semi-annual report also surfaced. Looking at the two financial reports together, they look like two angles of the same ebbing tide.

Dunamu's consolidated operating revenue for the first half was 408.1 billion KRW, a year-on-year decrease of 49.1%; operating profit was 111.5 billion KRW, a year-on-year decrease of 79.7%; net profit was 108.4 billion KRW, a year-on-year decrease of 74.1%.

Bithumb's operating revenue for the first half was 168.8 billion KRW, a year-on-year decrease of 48.7%; operating profit was 14.9 billion KRW, a year-on-year decrease of 83.4%; net loss was 108.7 billion KRW, compared to a net profit of 55 billion KRW in the same period last year.

The revenue decline was almost identical, both around 49%. However, the gap on the profit side was huge. Although Dunamu's profit plummeted, it still earned 108.4 billion KRW. Bithumb turned directly to a loss, with the loss amount even exceeding Dunamu's net profit.