Hanbitco Crypto Exchange Review: Current Status and Alternatives for 2026
Feb, 5 2026
Hanbitco was a South Korean cryptocurrency exchange launched in November 2017. This Hanbitco review explains why it failed and what safer options exist for traders in 2026.
Current Status: Hanbitco is Inactive
As of February 2026, Hanbitco shows no signs of activity. Industry monitoring services like Cryptowisser list it as inactive. The exchange hasn't updated its website, social media, or trading systems since late 2025. Users attempting to access the platform report connection errors or complete downtime. This status aligns with CoinMarketCap data showing zero trading volume for Hanbitco in recent months. Unlike active exchanges that publish daily volume updates, Hanbitco's last reported data was in 2021. There's also no evidence of customer support activity or maintenance logs on public forums. This complete lack of activity confirms Hanbitco is no longer operational.
Historical Context: Growth and Decline
Hanbitco launched in November 2017 during the cryptocurrency boom. By June 2019, it recorded a 24-hour trading volume of $4.2 million, ranking 99th globally. Growth continued, reaching $19 million in daily volume by December 2021. However, this paled compared to top exchanges like Upbit which handled over $1 billion daily. Without robust security measures or regulatory compliance, Hanbitco couldn't compete as the market matured. After the 2018-2019 bear market, many smaller exchanges struggled. Hanbitco's lack of institutional partnerships and failure to adopt industry-standard security protocols like multi-signature wallets left it vulnerable. By 2023, its trading volume dropped to under $5 million, and the platform became increasingly unreliable until complete inactivity in 2025.
Why Hanbitco Failed
Several factors led to Hanbitco's decline. First, it lacked advanced security features common in today's exchanges. While competitors like Bithumb implemented 95% cold storage and insurance, Hanbitco's security details were never publicized. Second, South Korea's strict crypto regulations forced smaller exchanges to comply or shut down. Hanbitco didn't adapt, unlike Coinone which secured regulatory approval. Third, user feedback was minimal. Cryptogeek listed a single 3.0/5 rating, compared to 4.4 for Changelly. Without a strong user base or trust, Hanbitco couldn't survive industry consolidation. Additionally, the exchange never disclosed its regulatory status or licensing details, raising red flags for serious traders.
Top Alternatives to Hanbitco
Traders looking for reliable South Korean exchanges should consider these established platforms:
| Exchange | Daily Volume | Security Features | User Rating | Supported Currencies |
|---|---|---|---|---|
| Upbit | $1.2 billion | 95% cold storage, insurance coverage | 4.7/5 (Cryptogeek) | 250+ cryptocurrencies |
| Bithumb | $900 million | 90% cold storage, multi-signature wallets | 4.5/5 (Cryptogeek) | 200+ cryptocurrencies |
| Coinone | $600 million | 85% cold storage, regular audits | 4.3/5 (Cryptogeek) | 150+ cryptocurrencies |
What Users Should Do Now
Never use Hanbitco. Its inactive status means funds could be inaccessible or lost. Instead, choose exchanges with proven security and regulatory compliance. Check CoinMarketCap for real-time volume data. Verify exchanges' security practices, like cold storage percentages and insurance coverage. Always enable two-factor authentication and use hardware wallets for large holdings. For South Korean users, Upbit and Bithumb remain top choices due to their local regulatory compliance and high liquidity. International traders should consider Coinbase or Kraken, which offer global access with strong security. Before depositing funds, confirm the exchange's operational status through official channels and trusted monitoring services.
Is Hanbitco still operational in 2026?
No. As of February 2026, Hanbitco is flagged as inactive by industry monitoring services like Cryptowisser. There have been no updates, trading activity, or official communications from the exchange since late 2025. Users attempting to access the platform report connection errors or complete downtime.
Why did Hanbitco shut down?
Hanbitco shut down due to multiple factors: lack of advanced security features, failure to comply with South Korea's strict crypto regulations, and inability to compete with larger exchanges like Upbit and Bithumb. Its trading volume dropped steadily after 2021, and by 2025, it had zero activity. Without sufficient user trust or regulatory approval, the exchange couldn't survive industry consolidation.
What should I do if I have funds on Hanbitco?
If you had funds on Hanbitco, they are likely inaccessible. Since the exchange is inactive, there's no way to withdraw assets. Always move funds to a reputable exchange immediately. For future trades, choose platforms with transparent security practices and regulatory compliance. Never leave significant assets on an exchange without verifying its operational status.
How does Hanbitco compare to Upbit or Bithumb?
Hanbitco was significantly smaller than Upbit and Bithumb. Upbit consistently processes over $1 billion daily volume, while Bithumb handles around $900 million. Hanbitco's peak volume was $19 million in 2021. Upbit and Bithumb also have stronger security measures, regulatory compliance, and user trust. Hanbitco lacked these critical features, leading to its decline.
Are there safer alternatives to Hanbitco?
Yes. Upbit, Bithumb, and Coinone are top South Korean exchanges with proven security, high liquidity, and regulatory compliance. For international users, exchanges like Coinbase and Kraken offer global access with strong security. Always verify an exchange's current status using CoinMarketCap or Cryptowisser before depositing funds. Prioritize platforms with transparent security practices and regular audits.