Over the past three years, overseas remittances from South Korea conducted through cryptocurrency exchanges increased 380%, compared with 20% growth in remittances handled by traditional banks, SBS Biz reported. According to ChainCatcher, South Korea’s five major banks recorded total foreign-currency remittances of 1.59 quadrillion won last year, up 20% from 1.318 quadrillion won in 2022.
Data from lawmaker Kim Sang-hoon’s office showed that, over the same period, remittance volumes at South Korea’s five major won-denominated crypto exchanges rose to 163.55 trillion won from 34.02 trillion won, an increase of 380%.
Hwang Seok-jin, a professor at Dongguk University, attributed the sharp rise in crypto-based remittances to transaction fees being lower than those charged by banks.
Crypto Exchange Remittances in South Korea Rise 380% Over Three Years, SBS Biz Reports
2026-06-23 07:23:40
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