Crypto Exchange Complaints Have Increased by Over 7.7x in South Korea

<p>Consumer complaints on South Korea's four biggest bitcoin exchanges increased by more than 7.7 times in the previous year.</p> <p>The cryptocurrency business has had a tumultuous year, with some governments embracing Bitcoin and others clamping down hard on regulation.</p> <p>In November of last year, the global crypto market valuation reached $3 trillion, indicating that the area has seen increased growth. However, as the use of cryptocurrencies has grown, so has the number of complaints concerning cryptocurrency exchanges in countries such as South Korea.</p> <p>Complaints about cryptocurrency are becoming more common</p> <p>According to local news media, the number of consumer complaints filed against South Korea's four largest crypto exchanges increased by 7.7x in 2021, as the country's population embraced the worldwide crypto frenzy. Crypto mining, on the other hand, has seen a significant increase.</p> <p>The Korea Consumer Agency forwarded complaint information to the offices of opposition MP Lee Joo-hwan. Last year, clients of the four exchanges — Upbit, Coinone, Korbit, and Bithumb – filed a total of 232 formal consumer complaints with the regulator, according to the records.</p> <p>Coinone received the most of the complaints (130), followed by Upbit (74), Bithumb (17), and Korbit (11).</p> <p>However, focusing exclusively on the increase in complaints would overlook the larger picture. Surprisingly, the number of users of the previously-mentioned exchanges has increased dramatically in the last year.</p> <p>The increase in complaints corresponds to the increase in trading volumes and users on exchanges. By the end of 2021, the four trading platforms had attracted a total of 12.02 million customers, accounting for more than 23 percent of the country's population.</p> <p>Home-based mining is becoming more popular in South Korea</p> <p>In addition to an increase in complaints, the number of persons mining cryptocurrency in the country has increased as well. Despite the fact that the national e