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)
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.Is Hanbitco still operating in 2025?
No, Hanbitco is not operating in 2025. Industry monitoring services like Cryptowisser have flagged it as inactive since late 2021. There are no recent updates, trading volumes, or customer support responses. The website may still load, but it’s non-functional and not accepting deposits or withdrawals.
Can I withdraw my funds from Hanbitco?
If you have funds on Hanbitco, you likely cannot withdraw them. The platform has been inactive for years, with no customer support, no updates, and no technical maintenance. There is no official channel to request withdrawals, and no evidence that any user has successfully withdrawn since 2021.
Was Hanbitco regulated or licensed?
There is no public record of Hanbitco being licensed or regulated by any financial authority, including South Korea’s Financial Services Commission. Unlike Upbit or Bithumb, which are officially registered, Hanbitco operated without transparency or regulatory oversight, making it a high-risk platform even during its active years.
Did Hanbitco support US users?
Hanbitco did not explicitly block US users in its terms, unlike many exchanges that restrict Americans due to compliance rules. However, this lack of restriction doesn’t mean it was compliant with US regulations. In fact, its absence of KYC details and regulatory filings suggests it likely violated US crypto laws, even if it didn’t actively block users.
Why did Hanbitco fail when other exchanges succeeded?
Hanbitco failed because it never invested in security, compliance, or user experience. While competitors like Upbit and Binance added advanced features, audits, and support teams, Hanbitco stayed basic and silent. As crypto regulations tightened after 2019, small, unregulated exchanges like Hanbitco couldn’t survive. It lacked the resources, leadership, and transparency needed to compete.
Are there any alternatives to Hanbitco for Korean users?
Yes. South Korean users should use Upbit, Bithumb, or Coinone - all licensed by the Financial Services Commission. These exchanges offer full KYC, fiat on-ramps, 24/7 customer support, and secure cold storage. They also have active trading volumes and regular regulatory updates, making them safe and reliable alternatives to defunct platforms like Hanbitco.
Madhavi Shyam
Hanbitco was a rug pull disguised as an exchange. Zero compliance, zero transparency, zero future. Classic case of a dev team cashing out and ghosting. If you’re still thinking about it in 2025, you’re already late to the funeral.
Period.