Korean cryptocurrency exchanges Upbit and Bithumb have nearly doubled their workforce over four years, with employee numbers rising from 682 at the end of 2021 to 1,334 by the end of 2025. Despite this growth, the Korean crypto market is experiencing a slowdown. The number of verified users on Korean won-based exchanges increased from 5.58 million in 2021 to 11.13 million in 2025, but the growth rate of new users has significantly declined from 25% in the second half of 2024 to just 3% in the same period of 2025. The report suggests that the reduced influx of new users may be linked to weaker market performance and the limited scope of services offered by Korean exchanges, which remain primarily focused on spot trading.