In January 2018, Upbit recorded $7.57 billion in daily trading volume, making it the world’s largest cryptocurrency exchange by volume. Binance ranked second, while Bithumb, another Korean exchange, came in third.

Eight years later, the landscape looks very different. On Thursday, Binance recorded more than $10 billion in trading volume, compared with about $1 billion for Upbit and $436.2 million for Bithumb, according to CoinGecko.

The crypto downturn has weighed on exchanges globally. But major overseas platforms have diversified into derivatives, staking and other businesses, giving them more ways to weather a prolonged industry slump.

By contrast, Korean…