Crypto remittances in Korea surge 380% in 3 years, outpacing banks

Overseas remittances via cryptocurrency exchanges in South Korea surged 380% over the past three years, while those through traditional banks grew by 20%, SBS Biz reported. Last year, foreign currency remittances from the country's top five banks totaled 1,590 trillion won (approx. $1.22 trillion), a 20% increase from 1,318 trillion won (approx. $1.01 trillion) in 2022. Meanwhile, data from the office of Representative Kim Sang-hoon showed that over the same period, remittances through the top five won-denominated crypto exchanges jumped from 34.02 trillion won (approx. $26.2 billion) to 163.55 trillion won (approx. $125.8 billion), marking a 380% increase. Dongguk University Professor Hwang Seok-jin attributed the sharp rise in crypto remittances to lower transaction fees compared to banks.