Why Does Upbit Announce Listings Almost Every Day?

South Korea’s largest crypto exchange, Upbit, is aggressively expanding listings, adding nearly one new token per day in September. Analysts say the strategy aims to protect its market dominance in the country, as rival Bithumb narrows the gap to within 5%.

Amid this race, delistings have also surged to record highs, raising concerns over investor protection.

Upbit Ramps Up Listings to Defend Market Lead

On Wednesday, Upbit listed Linea (LINEA). Recently, Upbit also added Pump.Fun (PUMP), Holoworld AI (HOLO), OpenLedger (OPEN), Worldcoin (WLD), Flock.io (FLOCK), and RedStone (RED). That brought seven new tokens in just 11 days—already more than its total listings in August.

Upbit had traditionally followed a conservative listing approach compared with competitors. According to a local media report, however, the exchange has shifted course after Bithumb began closing the market share gap.

For example, WLD, previously traded on Bithumb, Coinone, and Korbit, more than doubled in one week, pushing Bithumb’s market share to 46% on Tuesday. Upbit quickly countered, announcing a WLD listing at 7 pm and launching trading two hours later.

Data from the Digital Asset eXchange Alliance (DAXA), an association of Korean crypto exchanges, shows that as of late August, Bithumb listed 406 tokens—roughly 1.5 times more than Upbit’s 260. CoinGecko figures place Bithumb’s market share at 46%, compared with Upbit’s 50.6%.

The two exchanges have long dominated Korea’s crypto market. Bithumb briefly overtook Upbit in late 2023 through a zero-fee trading campaign but quickly lost the lead. Analysts note the current challenge is more significant, as Bithumb’s gains came without special promotions.

From January to August 2025, average daily trading volume reached $3.2 billion (₩4.4 trillion) on Upbit and $1.2 billion (₩1.6 trillion) on Bithumb, totaling $4.4 billion (₩6 trillion). That figure nearly doubled from $2.2 billion (₩2.9 trillion) a year earlier.

Listing Race Sparks Investor Protection Fears

Industry experts warn that the intense competition for listing tokens could weaken due diligence. Accelerated reviews risk approving assets that fail to meet requirements. In the second half of 2025 alone, Korea’s five largest won-based exchanges delisted 25 tokens, many of which were less than a year old.

Upbit has stepped up delistings alongside listings. It removed 10 tokens in 2023, 3 in 2024, and 11 in the first eight months of 2025, its highest total. Bithumb delisted 26, 19, and 20 tokens during the same periods, maintaining about 20 removals annually. Upbit’s delisting ratio jumped from 8% to 24%, while Bithumb’s eased from 24% to 21%.

An industry official, who requested anonymity, said, “With South Korea’s market limited to spot trading, listing expansion has become the only competitive tool. Stricter regulations ironically fuel fiercer listing battles, eroding investor protection.” He indicates that South Korean regulations restrict exchanges to spot trading only, prohibiting derivatives and other products.