South Korean exchanges just got wrecked — operating profits down ~80% in H1 2026.
Why? Simple. Fees = revenue. No volume = no money.
Retail went cold. Prices bled. And the stock market frenzy pulled liquidity OUT of crypto.
This is what happens when your entire business model is built on trading fees in a bear market. No diversification, no moat.
South Korea used to be a top-tier crypto market. Now exchanges are bleeding. Watch for consolidation or pivots into staking/DeFi infra.
If you're not building revenue streams beyond spot trading in 2026, you're cooked.
Why? Simple. Fees = revenue. No volume = no money.
Retail went cold. Prices bled. And the stock market frenzy pulled liquidity OUT of crypto.
This is what happens when your entire business model is built on trading fees in a bear market. No diversification, no moat.
South Korea used to be a top-tier crypto market. Now exchanges are bleeding. Watch for consolidation or pivots into staking/DeFi infra.
If you're not building revenue streams beyond spot trading in 2026, you're cooked.