Bithumb Korea’s fiscal performance for the year 2023 took a significant hit as it remained unfazed by the improvement in the trading volume that the platform witnessed throughout the year.
With a more than 57% decline in annual revenue, dropping from 3.201 billion Korean won in 2022 to 1.358 billion won in 2023, Bithumb’s disappointing figures can be attributed to several factors, including a controversial trading policy to woo retail traders.
According to a report by the Korean news platform Newdaily, Bithumb Korea’s net profit plummeted by 74.5%, reaching 243 billion won compared to 954 billion won in the previous year, even while maintaining a surplus for the fourth consecutive year.
The primary factor contributing to these financial woes was the depreciation of crypto prices amid the extensive market winter. Moreover, Bithumb’s decision to implement a fee-free trading policy in the fourth quarter of 2023 further exacerbated its revenue decline.
Despite the financial challen
We współpracy z: https://cryptopotato.com/bithumb-koreas-fiscal-performance-in-2023-plummets-despite-rising-trading-volume-report/
