South Korea and Russia account for 22 percent of all visits to crypto exchanges, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research and estimated by 100 CEX active users and trading volumes based on reliability and data. with a share of over 9% followed by South Korea, Russia, Turkey and Japan with 7.4%, 6.1%, 5.6% and 3.8% respectively.
Where the drivers differ in each case and include unemployment and housing prices turning youth away from investment in Korea and Japan, and Western sanctions for the Russians and hyperinflation for the Turks. Here the centralised exchange occupies an important place in the crypto currency market and these exchanges usually work in favour of the users and start with the same and it is also told that most of the users and liquidity in the crypto market are gathered in these exchanges. While in conclusion it turned out to be one of the biggest liquidity issues after the crash of FTX which filed for bankruptcy and according to the researchers this is the event of the year from investing in the current market and definitely in Part of that number also includes the collapse of Terra and the bankruptcy of 3AC. On one hand it shows that market size has seen more decline in 2022 as compared to last year and definitely a 24% decrease in users and we can say that continuous market position has become useless and existing users are getting discouraged and the increase from 194 million in 2021 has come down to 25 million.
It was noted by Huobi Research that post-bankruptcy offering rules established on exchanges have become more stringent and include on-chain activities. Regulators may force CEX to make public proof of funds. Where in the same year the President of America signed an order to promote the responsibility and development of digital assets and the EU approved the Crypto Assets Law to market and of course the expansion of the legal framework And South Korea also passed eight related regulations. Against this backdrop, the two markets have become a household name due to the small growth of DeFi, and experienced users confident of recovery and long-term value despite a series of adverse events for the sector. Live Where as the US also has the largest share in this segment with around 32% traffic. Where Brazil is a little more than 5 percent and in second place, while all the developed countries are behind it. Unlike the CEX markets, namely the UK, France, Canada and Germany, which are seeing significant defi traffic.
