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South Korea and Singapore Hit Hardest by FTX Collapse

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On Nov. 20, crypto market data portal CoinGecko released a report on the countries most impacted by the FTX collapse.

CoinGecko noted that South Korea ranked highest for monthly users, with the most significant traffic share of 6.1%, representing 297,229 unique monthly users on average visiting The South Korean government has now accelerated its regulatory framework, the Digital Asset Basic Act, expected to be finalized in 2023.

Second on that list was Singapore, with 241,675 monthly users representing 5% of the overall traffic to FTX. The report noted that the closure of Binance in Singapore in December 2021 resulted in a shift to FTX.

The third largest user base was also an Asian country, with Japan accounting for 223,513 unique users on average visiting monthly. Japanese investment giant, SoftBank, invested $100 million in FTX earlier this year, it reported. Taiwan and India were also in the top ten, and Asian countries in the top 15 accounted for more than 25% of the users of FTX.

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