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The cryptocurrency exchange Upbit has initiated a series of coin listings in reaction to the increasing trading volume of its South Korean competitor Bithumb.
The South Korean publication Seoul Kyungjae reported that Upbit has added seven tokens within the last 10 days.
The top 12 most-traded coins on the Upbit crypto exchange on September 11, 2025. (Source: CoinGecko)
Upbit’s Listing Initiative: Can It Halt Bithumb’s Growth?
The report indicated that on September 9, Bithumb’s domestic market share increased to 46%, while Upbit held a share of 50.6%.
Since approximately 2022, Upbit has maintained a leading position in the South Korean market, often exceeding an 80% market share in certain months.
This situation has prompted some lawmakers to express concerns that its operator, Dunmau, has effectively become a monopoly in the cryptocurrency exchange sector.
However, Bithumb has been gradually reducing Upbit’s market share in recent months. It has formed a partnership with Kookmin Bank, the largest financial institution in South Korea.
Additionally, it has established a spinoff company as it aims to be the first domestic exchange to list on the NASDAQ stock exchange.
In response to Bithumb’s resurgence, Upbit seems to be launching new altcoin pairings and expanding its coin listings.
An anonymous official from a South Korean exchange informed the media that Upbit is worried about Bithumb narrowing the market share gap to under 5% without innovative promotions. The official remarked:
“Upbit cannot help but feel a sense of crisis.”
Trading volumes on the Upbit crypto exchange over the past seven days (Source: CoinGecko)
WLD Listing
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The media outlet noted that Upbit’s reaction to the increase in Worldcoin (WLD) trading volume in South Korea has been significant.
When WLD transaction volumes elevated Bithumb’s market share to 46% on September 9, Upbit acted swiftly.
Upbit announced it would list WLD at 7 pm KST that same day and completed the listing just two hours later, at 9 pm KST.
Upbit’s most recent listing, at 1:30 am KST on September 11, was for Linea (LINEA). The total number of listings by the exchange in September has already exceeded its entire count for August.
Potential Customer Impact, Experts Caution
The market leader has historically adopted a more cautious approach to coin listings compared to Bithumb, which continues to expand its offerings.
If the two companies engage in a listings competition, critics warn that customers may face negative consequences in the long term.
Experts expressed their “concern” that the “intense rivalry between exchanges” could prompt platform managers to make “rash decisions” that could “undermine the review process.”
They highlighted that while listing surges persist, instances of delisting in South Korea are becoming increasingly frequent.
A total of 25 altcoins have been delisted by Bithumb, Upbit, and their closest competitors, Korbit, Coinone, and GOPAX, since July of this year.
Many of these coins had only recently been introduced on the platforms. An unnamed executive from the crypto industry suggested that regulatory efforts in Seoul may be contributing to this issue.
The source stated:
“Regulators only allow domestic exchanges to provide spot trading. That means that the only way they can compete with one another is by expanding their listings. It is ironic that regulators’ attempts to police the industry are actually spurring listing competition and weakening investor protection.”
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