Crypto adoption is currently increasing higher as the global crypto market capitalization rises to USD 3 trillion or around IDR 43 quadrillion in November 2021.
However, with the increasing adoption of cryptocurrencies, along with the increasing complaints about crypto exchanges that are starting to be seen in various countries, South Korea is one of them.
Reporting from Yahoo Finance, Friday (11/2/2022), a report from the latest local agency shows there will be a 7.7-fold spike in the number of customer complaints filed against South Korea's four largest crypto exchanges in 2021.
This is in line with the trend of these citizens in following the global crypto craze. Furthermore, crypto mining has also experienced a considerable increase.
The complaint data was submitted by the Korean Consumer Agency to the office of MP Lee Joo-hwan of the opposition People's Power Party. Recorded data shows a total of 232 formal consumer complaints filed with the agency last year from customers from four exchanges namely Upbit, Coinone, Korbit, and Bithumb.
The number is a sharp increase from just 24 cases in 2019 and 30 cases in 2020. Notably, the majority of complaints were filed against Coinone with 130 cases, followed by Upbit with 74 cases, Bithumb with 17 cases, and Korbit with 11 cases.
Interestingly, despite the increase in complaints, over the past year there has been a sharp increase in the number of users of the exchange mentioned above.
The increase in complaints is corroborated by the increase in trading volume and users on the exchange. By the end of 2021, a combined 12.02 million customers making up more than 23 percent of the country's population created digital wallets across four trading platforms.
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