South Korea’s Crypto Whales Surge Past 10,000 Investors
- Over 10,000 investors in South Korea hold more than ₩1B each on local exchanges.
- Wealth concentration spans ages, with younger investors holding higher average balances.
- Regulators propose ownership caps and licensing to tighten oversight and governance.
Currently, South Korea has more than 10,000 investors who hold over ₩1 billion each on local exchanges. The Financial Supervisory Service disclosed the figures, covering five major platforms nationwide. The data explains who holds the assets, where they sit, and how regulation influenced this concentration.
A Quiet Accumulation Across Major Exchanges
According to the Financial Supervisory Service, 10,810 users held over ₩1 billion on exchanges as of August 5, 2025. The figures cover Upbit, Bithumb, Coinone, Korbit, and GOPAX, which dominate domestic trading. Notably, the level equals roughly $710,000 to $750,000 per investor.
These investors held an average balance of 2.2 billion won, or about $1.61 million. However, the general average across all users is far lower at 10.3 million won. This gap shows a sharp concentration of crypto wealth on Korean platforms.
The exchanges reported more than 10.86 million verified trading accounts. That count equals roughly one in five Koreans, based on a population near 51.7 million. Collectively, users held digital assets worth 111.6 trillion won.
Importantly, the statistics exclude exchange deposits. As a result, actual investor wealth could be higher than reported. This context explains why Korea ranks among the world’s most active crypto markets.
Age Profiles Show Concentration and Unexpected Leaders
Age data shows clear patterns among high-balance holders. Investors in their 50s formed the largest group with 3,994 people or 36.9 percent. They were followed by those in their 40s at 3,086, then those aged 60 and above at 2,426.
Younger groups held smaller headcounts. Investors in their 30s numbered 1,167, while those in their 20s totaled just 137. However, the youngest group stood out for average balances.
Notably, investors in their 20s held an average of 2.69 billion won per person. That equals roughly $1.92 to $1.97 million, depending on exchange rates. This average exceeded every other age group.
The data shows that high-value participation spans generations. However, it also shows that younger holders commit larger sums per investor. These patterns emerged directly from exchange account balances reported to regulators.
Related: South Korea FIU Fines Korbit ₩2.73B for AML Rule Breaches
Regulation Tightens as Ownership Concentration Grows
As wealth concentrates, regulatory scrutiny has increased. On December 30 and 31, 2025, reports said the Financial Services Commission proposed ownership caps for exchanges. The plan would limit major shareholders to 15–20 percent stakes.
The proposal targets founders and controlling shareholders of the five major exchanges. For example, Upbit founder Song Chi-hyung holds 25.52 percent through Dunamu. Under the proposal, he would need to divest 5–10 percent.
Other exchanges face larger changes. Bithumb Holdings controls 73.56 percent of Bithumb, while Coinone founder Cha Myung-hun holds 53.44 percent. Korbit’s largest shareholder NXC owns 60.5 percent, and Binance holds 67.45 percent of GOPAX.
The proposed Digital Asset Basic Act would also shift exchanges to a licensing regime. Regulators would conduct fitness reviews of major shareholders. This approach mirrors oversight applied to traditional financial institutions.
At the same time, the FSC signaled openness to financial institutions holding exchange stakes. This shift could ease long-standing separation rules introduced during the 2017 speculative surge. However, industry participants raised concerns about governance and accountability.
Meanwhile, South Korea’s crypto market now includes over 10,000 investors holding more than ₩1 billion each on domestic exchanges. The data shows concentrated wealth, clear generational patterns, and heavy use of major platforms like Upbit and Bithumb. At the same time, proposed ownership limits and licensing reforms place this expanding investor base under tighter regulatory focus.
