Upbit Corners 72% of S Korean Crypto Market as Smaller Exchanges ‘Face Extinction’
South Korean business officers are as soon as once more voicing issues that the crypto exchange Upbit could also be a de facto monopoly, with smaller rivals’ market presence changing into “insignificant.”
The South Korean newspaper Seoul Kyungjae reported that, per knowledge from the regulatory Financial Supervisory Service (FSS), Upbit’s share of complete home crypto buying and selling volumes was 71.6% within the first six months of 2025.
The platform’s operator, Dunamu, is on the verge of a merger with Naver, the nation’s greatest web firm.
And, per the FFS knowledge, clients used Upbit’s platform to execute 833 trillion gained ($642 billion) value of transactions within the first half of the yr.
Upbit: Crypto Market Dominance in S Korea
The mixed complete for home exchanges was 1,162 trillion gained ($895 billion). Following behind Upbit was its closest and fiercest rival Bithumb, with 300 trillion gained ($223 billion; 25.8% of the market).
Bithumb is aiming to turn into the primary South Korean crypto trade to go public. The agency is eyeing a 2026 NASDAQ debut.
In latest months, analysts have talked of Bithumb intensifying its efforts to claw again market share from Upbit.
But the newest figures seem to indicate that Upbit’s lead over its rival continues to be substantial, even previous to the proposed Naver deal.
However, the figures for smaller exchanges made for grim studying. Coinone’s quantity was simply 20.8 trillion gained ($16 billion; 1.8% of the market share).
The quantity figures for Korbit, the nation’s oldest crypto trade, have been 5.5 trillion gained ($4.01 billion; 0.5%). GOPAX’s figures have been 2.8 trillion gained ($2.15 billion; 0.2%).
Smaller Exchanges: Becoming ‘Insignificant?’
The newspaper wrote: “The home crypto market has successfully solidified into an Upbit monopoly.”
Seoul Kyungjae added that Coinone, Korbit, and GOPAX’s buying and selling volumes have been “negligible, rendering their presence available in the market insignificant.”
The FSS submitted the info following a request from the People Power Party lawmaker Lee Heon-seung.
The regulator additionally offered common every day buying and selling quantity figures for the primary half of the yr. And these produced equally uncomfortable studying for smaller exchanges.
Upbit recorded a median of 4.6 trillion gained ($3.36 billion) per day, with Bithumb posting 1.6 trillion gained ($1.2 billion).
But smaller exchanges’ every day volumes have been only a fraction of this. Coinone’s common was round 100 billion gained ($77 million), Korbit’s 30 billion gained ($23 million), and GOPAX simply 10 billion gained ($7.7 million).
For Korbit, the drop-off is sharp. The trade’s every day common was over 100 billion gained as just lately as 2022.
The majority of buying and selling on GOPAX, in the meantime, mainly contains crypto-to-crypto trades, the media outlet wrote.
User Numbers Also Stark for Smaller Platforms
Worse nonetheless was the info on consumer numbers. Of a complete of 10.17 million customers, 53% held Upbit accounts, and 37% used Bithumb.
But the remaining three exchanges’ mixed consumer base accounted for simply 990,000 customers, or 10% of the full.
The newspaper wrote that business insiders predict the hole might widen but additional, significantly if the Naver deal goes although and Bithumb lists on NASDAQ.
An unnamed crypto trade official informed the outlet:
“If a selected trade successfully monopolizes itemizing insurance policies and charge constructions, that might unfold systemic dangers to your entire market. The monetary regulators should guarantee a minimal degree of truthful competitors. If not, buyers will likely be left with a diminishing set of choices.”
Lawmakers have repeatedly warned that Seoul is not doing enough to prevent Upbit from becoming a monopoly.
However, in April final yr, the platform’s dominance peaked at over 80%.
Observers famous that its buying and selling quantity figures have been approaching these of US behemoths such as Coinbase.
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