[Data: South Korea's Top 5 Crypto Exchanges Face Competitive Pressure, Spot Trading Volume Drops 33% QoQ in Q2] According to South Korean media outlet Daum, the spot trading volume of South Korea's top five KRW-based exchanges—Upbit, Bithumb, Coinone, Digital X (formerly Korbit), and GOPAX—fell from approximately $218.8 billion in Q1 to about $146.7 billion in Q2, a quarter-on-quarter decline of 33%. During the same period, the spot trading volume of the world's top 10 centralized exchanges dropped 27.9% QoQ to $1.95 trillion, a smaller decline compared to the South Korean market. Analysts believe that under South Korea's regulatory restrictions, domestic exchanges remain focused on spot trading and are unable to offer cryptocurrency derivatives services, while overseas trading platforms continue to expand their business boundaries.