South Korea's Crypto Remittances Surge 380% in Three Years, Far Outpacing Banks' 20% Growth

According to SBS Biz, South Korea's remittances via cryptocurrency exchanges surged 380% over the past three years, far outpacing the 20% growth recorded by traditional banks. The five major exchanges saw remittances jump from $26.2 billion in 2023 to $125.8 billion in 2025, while the country's top five banks increased foreign currency transfers from $1.01 trillion to $1.22 trillion over the same period.

Economics professor Hwang Suk-jin from Dongguk University attributed the sharp growth in crypto remittances to their significantly lower transaction fees compared to traditional banking channels.