South Korea’s five biggest crypto exchanges had 6,590 corporate accounts by end-July, with only 10.8% KYC-compliant

South Korea’s Financial Supervisory Service submitted data to the National Assembly’s Political Affairs Committee showing that the country’s five largest virtual asset exchanges had 6,590 registered corporate accounts as of the end of July, according to Yonhap News.

Bithumb and Upbit accounted for most corporate accounts

By exchange, Bithumb had the largest number of registered corporate accounts at 3,280. Accounts under Dunamu, the operator of Upbit, totaled 2,086. Combined, the two exchanges represented 5,366 corporate accounts, or 81.4% of the total.

Among the remaining platforms, Korbit had 620 corporate accounts, Coinone had 539, and Gopax had 65.

Only 711 corporate accounts had completed KYC

On the compliance side, 711 corporate accounts had completed know-your-customer procedures, equal to 10.8% of all corporate accounts.

Upbit had the highest number of KYC-completed corporate accounts at 290. Bithumb followed with 199, Korbit had 184, and Coinone and Gopax had 33 and 5, respectively.

Corporate virtual asset holdings reached 43.377 billion won

In terms of virtual asset holdings, South Korean corporate accounts held about 43.377 billion won, or roughly $31.2 million. Upbit held the largest share at about 27.08 billion won, accounting for 62.4% of the total. Bithumb held about 6.29 billion won, while Coinone held about 5.15 billion won.

Corporate account deposits were about 9.13 billion won.