Bithumb Annual Report: Net profit for 2023 is 24.3 billion won, a decrease of 75% compared to the previous year

ChainCatcher news, according to the business report released by Bithumb Korea today, Bithumb's annual revenue for 2023 was 135.8 billion won (approximately 10.1 million USD), a decrease of 58% compared to the previous year. The operating loss was 14.9 billion won (approximately 1.1 million USD). The net profit was 24.3 billion won (approximately 1.8 million USD), a year-on-year decrease of 75%, but it has achieved profitability for the fourth consecutive year.
Bithumb attributed the decline in revenue last year to the deterioration of the cryptocurrency market, which led to a decrease in trading fee income. The free trading fee policy implemented by the company in the fourth quarter of last year was also one of the reasons for the decline in revenue.