If you’re looking at Hanbitco as a place to trade crypto in 2025, you need to know one thing upfront: Hanbitco is likely no longer operating. Industry watchdogs like Cryptowisser have flagged it as inactive, and there haven’t been any updates, trading volume reports, or official posts from the platform since late 2021. This isn’t just a slow day on the site - it’s silence. And in crypto, silence often means shutdown.

What Was Hanbitco?

Hanbitco launched in November 2017 as a South Korean-based cryptocurrency exchange. It targeted English, Vietnamese, and Korean speakers, aiming to serve users in Asia and beyond. Unlike big names like Upbit or Bithumb, Hanbitco never built a reputation for security, volume, or innovation. It offered basic spot trading - buy and sell Bitcoin, Ethereum, and a few altcoins - with no margin trading, futures, or DeFi integrations. No advanced tools. No mobile app. No public team names. No transparency about who ran it.

Its interface had standard charting tools and order books, but nothing beyond what a beginner might need. No API access for traders. No staking. No fiat on-ramps clearly listed. If you wanted to deposit USD or EUR, you’d have to guess how. No documentation. No customer service contacts. Just a website that appeared, worked for a while, and then stopped responding.

Trading Volume: A Brief Spike, Then Silence

Hanbitco did see a spike in activity. In mid-2019, it hit $4.2 million in daily volume, ranking around #99 globally. By late 2021, that jumped to $19 million - a 352% increase. Sounds good, right? But here’s the catch: that still put it far below even mid-tier exchanges. Binance handled over $30 billion a day at the same time. Upbit, its Korean rival, did billions. Hanbitco’s $19 million was a drop in the ocean.

And then? Nothing. No new volume data after 2021. No updates on CoinMarketCap or CoinGecko. The website stopped updating prices. Trading pairs disappeared. The platform became a ghost.

Security? There Wasn’t Any Public Info

In crypto, security isn’t optional - it’s the baseline. But Hanbitco never shared details about how it stored user funds. No mention of cold wallets. No audit reports. No proof of reserves. No insurance fund. Not even a statement saying they used multi-sig or 2FA enforcement.

Compare that to exchanges like Kraken or Coinbase, which publish quarterly proof-of-reserves and hire third-party auditors. Hanbitco? Silence. That’s not just a lack of transparency - it’s a red flag. If you don’t tell users how your money is protected, you’re not trustworthy. And in 2025, users expect more than silence.

User Reviews: One Review, One Star

The only user rating available on Cryptogeek is a 3.0 out of 5 - based on a single review. One person. That’s not a community. That’s a ghost town. Compare that to Changelly, which has 56 reviews and a 4.4 rating. Even smaller exchanges usually have dozens of user experiences shared across Reddit, Twitter, or Telegram. Hanbitco? Barely a whisper.

No complaints about withdrawal delays. No reports of hacks. That’s not because everything went smoothly. It’s because almost no one used it. If you’re not getting enough users to generate feedback, you’re not a real exchange - you’re a placeholder.

Why Did Hanbitco Fade Away?

South Korea’s crypto market got serious after 2018. Regulators cracked down on unlicensed exchanges. Bithumb, Upbit, and Coinone became the only names you could trust. They had licenses, compliance teams, and KYC systems that met government standards. Hanbitco? No public compliance info. No regulatory filings. No audit trail.

Meanwhile, global exchanges like Binance and Bybit scaled rapidly, offering lower fees, better liquidity, and 24/7 support. Hanbitco didn’t adapt. It didn’t improve. It didn’t even update its website.

By 2023, most small exchanges like Hanbitco had either shut down, been bought out, or vanished. The crypto industry didn’t just grow - it consolidated. And Hanbitco didn’t make the cut.

Is Hanbitco Still Accepting Users?

As of December 2025, the answer is no. You can’t create an account. You can’t deposit funds. You can’t withdraw. The website may still load, but it’s a shell. No new trading pairs. No customer support tickets being answered. No social media activity. No blog posts. No announcements.

If you’re thinking of using Hanbitco, don’t. Even if the site appears online, it’s not functional. Your funds could disappear with no recourse. No one is monitoring it. No one is responsible for it. And if you’ve already deposited money there - you’re likely out of luck.

What Should You Use Instead?

If you’re in South Korea, stick with Upbit, Bithumb, or Coinone. They’re licensed, regulated, and have real customer support. If you’re outside Korea, use Binance, Kraken, or Coinbase. All of them offer:

• Clear KYC and compliance
• Proof of reserves
• 24/7 support
• Multiple deposit methods
• Mobile apps
• Active trading volume (billions daily)

None of these things were true for Hanbitco. And they shouldn’t be optional for you.

Final Verdict: Avoid Hanbitco Completely

Hanbitco was never a top-tier exchange. It never claimed to be. But it didn’t even make it to the bottom tier of functional platforms. It disappeared quietly - no fanfare, no warning, no explanation.

In crypto, you don’t gamble on silence. You choose platforms that are loud, transparent, and active. Hanbitco is none of those things. It’s a relic. A cautionary tale. A website that stopped working - and never came back.

If you see Hanbitco pop up in a search result or a forum thread, treat it like a broken ATM. Don’t trust it. Don’t deposit. Don’t even click. Move on.