According to Coingecko, the spot trading volume of UPbit, the largest cryptocurrency exchange in South Korea, was about $30.4 billion in June, a sharp drop of 44.8% from $55.2 billion in May, the largest drop among mainstream exchanges. Binance, CoinBase, and OKX dropped by 20.3%, 19.3%, and 20.8%, respectively. The sharp drop in UPbit's trading volume may be related to the cryptocurrency regulations that South Korea may implement in July.