Yeliz Akmaca 
Competition in the crypto market is intensifying. South Korea’s largest exchanges, Upbit and Bithumb, are aggressively listing tokens to increase their market share. This rapid pace, however, raises new concerns for investor protection.
Upbit Accelerates Token Listings
In September, Upbit added nearly a new coin every day. Within just 11 days, it listed seven tokens including Linea (LINEA), Pump.Fun (PUMP), Holoworld AI (HOLO), OpenLedger (OPEN), Worldcoin (WLD), Flock.io (FLOCK), and RedStone (RED). This number exceeded all listings in August.
Previously conservative, Upbit changed its strategy after Bithumb increased its market share. Analysts say this move aims to maintain market dominance.
Bithumb Rapidly Increases Market Share
Rival exchange Bithumb pushed its market share to 46% with aggressive moves. For example, Worldcoin (WLD), previously traded only on Bithumb, doubled in value within a week. Upbit responded by listing the token within just two hours.
Bithumb briefly led the market in late 2023 with a zero-commission campaign. This time, it achieved significant gains without special promotions, challenging Upbit.
Record Trading Volumes in the Crypto Market
In August, the crypto market remained mostly flat, with prices ending the month near their starting levels. Analysts note that Robinhood’s trading volume was affected by the summer holiday season and seasonality.
However, trading volumes are expected to rise again in the second half of the year due to growing institutional interest, crypto ETFs, and corporate treasury investments. Robinhood’s inclusion in the S&P 500 increased its visibility in institutional markets, while the launch of its EU-focused Layer 2 blockchain and triple-leverage perpetual futures, routed through Bitstamp, plays a central role in the platform’s new product strategy.
From January to August 2025, South Korean exchanges recorded impressive daily average trading volumes:
- Upbit: $3.2B
- Bithumb: $1.2B
- Total: $4.4B
This nearly doubled the previous year’s $2.2B, attracting both institutional and retail traders.
Listing Race Poses Investor Protection Risks
The intense listing competition carries risks. Experts warn that rapidly approved tokens may reach the market without proper vetting, weakening investor protection.
- In H2 2025, major South Korean exchanges delisted 25 tokens.
- Upbit delisted 10 in 2023, 3 in 2024, and 11 in the first eight months of 2025.
- Bithumb delisted 26, 19, and 20 tokens during the same periods, averaging 20 per year.
- These figures highlight not only rapid listings but also high delisting rates.
Regulations and the Future of Competition
South Korea’s crypto market is limited to spot trading, as derivatives and other products are banned. This makes trading volume the primary competition tool.
Experts say stricter regulations ironically fuel the listing race and threaten market safety.
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