160 Trillion Won in Funds Shifting from Domestic Spot Market to Overseas CEX

It is estimated that approximately 160 trillion won of funds from South Korean cryptocurrency investors will move from domestic spot exchanges to overseas centralized exchanges (CEX) in 2025. This shift is interpreted as a result of demand for derivatives and pre-market offerings that are not available domestically. According to a report by Tiger Research, the funds transferred from domestic exchanges to overseas CEX from January to September 2025 are estimated to be around 124 trillion won, and if this trend continues until the end of the year, the annual total could reach approximately 160 trillion won. The cumulative amount moved since 2021 is 700 trillion won, with the key annual estimate for 2025 being 160 trillion won. The report attributes the cause of the fund movement to differences in product accessibility rather than changes in exchange preferences. While domestic exchanges operate primarily on spot trading, overseas exchanges offer leveraged derivatives, futures, and pre-market options. The estimated fees for overseas exchanges related to South Korean investors in 2025 are around 4.77 trillion won, with Binance accounting for 2.73 trillion won, Bybit for 1.12 trillion won, OKX for 580 billion won, Bitget for 266.3 billion won, and Huobi for 74.4 billion won. According to a survey by the Financial Intelligence Unit (KoFIU), the number of users able to trade in the first half of 2025 is expected to increase by 1.07 million, but the average daily trading volume has decreased by 900 billion won. External transfers have increased by 4%, and this trend continued into the second half of the year. The domestic regulatory environment is also presented as a background for the fund movement, with the Financial Services Commission considering virtual asset businesses targeting domestic individuals as illegal.

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