South Korea’s largest cryptocurrency exchange, Upbit, has significantly accelerated its token listing activity, adding almost one new token per day in September. This aggressive strategy appears to be a direct response to rival exchange Bithumb, which has been rapidly gaining on Upbit’s market dominance.
Upbit’s Shift in Strategy
Historically, Upbit has taken a more conservative approach to new listings. However, to defend its market share, it has begun adding tokens at an unprecedented rate. For example, it listed seven new tokens in the first 11 days of September alone, including Linea (LINEA) and Worldcoin (WLD), a token that recently helped boost Bithumb’s market share. Data from the Digital Asset eXchange Alliance (DAXA) shows that Bithumb currently lists 406 tokens, significantly more than Upbit’s 260. While Upbit still holds the market lead with 50.6%, Bithumb has narrowed the gap to 46%.
Risks to Investor Protection
This intense competition is raising concerns about potential risks to investors. The rush to list new tokens may lead to weaker due diligence and a higher chance of approving low-quality assets. The number of delistings has also surged, with Korea’s five largest exchanges delisting 25 tokens in the second half of 2025 alone.
Upbit’s delisting rate has increased sharply, from 8% in 2023 to 24% in 2025. Bithumb has also maintained a high number of delistings, averaging around 20 per year. According to an industry insider, the fierce competition is a direct result of South Korean regulations that limit exchanges to spot trading, making new listings the primary tool for attracting users. This regulatory environment, ironically, is leading to a situation where investor protection may be compromised.
September 2025, Cryptoniteuae
