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Insurance and reserve funds set aside to cover potential customer losses vary by as much as 26.7 times across South Korea’s crypto exchanges, the Financial News reported.
According to data South Korea’s Financial Supervisory Service submitted to Min Byoung-dug of the National Policy Committee in the National Assembly, the insurance and reserve balances at the country’s five largest won-based exchanges as of the end of September were 80 billion won ($57.6 million) for Upbit, 53.4 billion won ($38.4 million) for Bithumb, 30 billion won ($21.6 million) for Coinone, 19 billion won ($13.7 million) for Digital X, formerly Korbit, and 3 billion won ($2.2 million) for Streami, which operates GOPAX.
That marked a 26.7-fold gap between the largest and smallest buffers. Bithumb’s insurance and reserves fell by 46.6%, or 46.6 billion won ($33.6 million), from 100 billion won at the end of 2024 to 53.4 billion won at the end of September this year. Upbit’s rose by 65.6%, or 31.7 billion won ($22.8 million), from 48.3 billion won over the same period to 80 billion won.