Why does Upbit publish lists almost every day?

Upbit, Korea’s largest crypto exchange, is actively expanding, adding almost one new token a day in September. Analysts say the strategy is aimed at protecting domestic market advantages as rival Bitham narrows the gap to within 5%.

During the race, the Senate also surged to highs, sparking concerns over investor protection.

Upbit raises lists and protects market leads

On Wednesday, Upbit listed Linea (Linea). Recently, Upbit also added Pump.Fun, Holoworld AI (Holo), OpenLedger (Open), WorldCoin (WLD), Flock.io (Flock), and Redstone (Red). This brought seven new tokens in just 11 days. This exceeds the total listings for August.

Upbit has traditionally followed a conservative list approach compared to its competitors. However, local media reports show that after Bithumb began filling the market share gap, the exchange changed course.

Top 10 Most Traded Coins on Upbits September 11th / Source: Coingecko

For example, WLD, previously traded on Bithumb, Coinone and Korbit, has more than doubled in a week, pushing Bithumb’s market share to 46% on Tuesday. Upbit immediately rebutted, unveiling its WLD list at 7pm and began trading two hours later.

Data from the Digital Asset Exchange Alliance (DAXA), the Korean Crypto Exchange Association, shows that as of late August, Bithumb listed 406 tokens.

The two exchanges have long dominated the Korean crypto market. Bithumb temporarily overtaked Upbit through a zero-fee trading campaign in late 2023, but quickly lost its lead. Analysts point out that the current challenges are even more important as Bithumb’s benefits came without special promotions.

From January to August 2025, average daily trading volume reached $3.2 billion (₩4.4 trillion) for Upbit and $1.2 billion (₩1.6 trillion) for Bitham, totaling $4.4 billion (₩6 trillion). That figure nearly doubled from the previous year’s $2.2 billion (₩2.9 trillion).

Wrist races cause fear of investor protection

Industry experts warn that fierce competition to list tokens could undermine due diligence. Accelerated reviews risk approving assets that do not meet the requirements. In the second half of 2025 alone, Korea’s five biggest victory-based exchanges listed 25 tokens, many of which were less than a year.

Upbit has strengthened its listing along with the list. I deleted 10 tokens in 2023, 3 tokens in 2024, and 11 tokens in the first eight months of 2025. Bithumb listed 26, 19 and 20 tokens over the same period, maintaining about 20 removals per year. Upbit’s listing ratio jumped from 8% to 24%, while Bithumb eased from 24% to 21%.

An industry official who requested anonymity said, “As the Korean market is limited to spot trading, expanding listing has become the only competitive tool. Ironically, stricter regulations burn fierce and fierce distances and erode investors’ protections.” He shows that South Korean regulations limit exchanges to trading only and ban derivatives and other products.

Why does Post Upbit publish lists almost every day? It first appeared in Beincrypto.