Three South Korean banks with crypto commutation partnerships have reportedly made $xiv.71 million in transaction fees in the 2d quarter of 2022.

According to The Korea Herald, Shinban Bank, Thou bank and NH Nonghyup Depository financial institution appear a full revenue of 16.9 billion South Korean won in Q2.

The "big four" crypto exchanges in Southward Korea — Upbit, Bithumb, Coinone and Korbit — have partnered with the banks for sourcing users' real-name accounts.

Based on the data collected past Yun Chang-hyun, the second quarter performance exceeded the first quarter's approximately $six.8-million (vii billion won) mark, more than doubling transactions despite ongoing marketplace fluctuations.

The data shows that K banking concern's partnership with Upbit resulted in the biggest share of $10.4 million (12 billion won), over 71% of the total revenue. In the kickoff quarter, the bank fabricated v.ii billion won through the crypto exchange partnership.

NH Nonghyup's two-manner partnership with Bithumb and Coinone wasn't equally impressive as K bank's revenue. With Bithumb, the depository financial institution reported earnings of approximately $ii.half dozen million (3.1 billion won) in the 2d quarter, while Coinone contributed $ane.5 1000000 (1.78 billion won) throughout the financial year.

The Shinhan Bank–Korbit partnership reported the lowest earnings of almost $0.3 1000000 in the terminal quarter.

Chang-hyun highlighted that the South Korean market saw a fivefold increase in the number of user accounts this yr alone, adding:

"Compared to the offset of the year, the rest of deposits has quadrupled, and the coin craze has not yet ended, with Bitcoin prices recently surging over again."

Comparing the total amount of deposits attributed to real-name accounts for crypto trading, South korea saw an increase of 316%, having brought up the investment from 2022's $1.47 billion (1.7 trillion won) to $6.fourteen billion (7.08 trillion won) by the terminate of July 2022.

Related: South Korea to take action against unregistered crypto exchanges

South Korean regulators accept recently issued a warning to crypto exchanges to have voluntarily registered with local authorities by Sept. 24. The warning has been issued to all crypto exchanges that make use of the Korean language, Korean won or that serve the Korean market.

The penalty for entities that don't follow suit will face prison fourth dimension of up to five years or a fine of upward $43,500 (50 one thousand thousand won).