Why does Upbit list tokens almost every day?

South Korea's largest cryptocurrency exchange, Upbit, is actively expanding its listing, with nearly one new token being added each day in September. Analysts believe this strategy aims to strengthen Upbit's leading position in the domestic market, especially as rival Bithumb is closing the gap to just 5%.

In this context of intense competition, the number of tokens being delisted has also reached a record high, raising concerns about protecting the rights of investors.

###Upbit's Enhanced Listing Strategy

Last Wednesday, Upbit officially listed the Linea token (LINEA). Recently, this exchange has also added to the list of tokens such as Pump.Fun (PUMP), Holoworld AI (HOLO), OpenLedger (OPEN), Worldcoin (WLD), Flock.io (FLOCK), and RedStone (RED). In just 11 days, Upbit has introduced seven new tokens, surpassing the total number of listings in August.

In the past, Upbit often applied a more cautious listing method compared to its competitors. However, according to local media reports, this exchange has changed its strategy as Bithumb began to narrow the market share gap.

10 the most traded coins on Upbit on September 11 | Source: CoinGeckoFor example, the WLD token, previously traded on Bithumb, Coinone, and Korbit, more than doubled in just a week, pushing Bithumb's market share to 46% on Tuesday. Upbit quickly responded by announcing the listing of WLD at 7 PM and starting trading two hours later.

According to data from the Digital Asset Exchange Association (DAXA), an organization representing South Korean cryptocurrency exchanges, by the end of August, Bithumb had listed 406 tokens—about 1.5 times more than Upbit's 260 tokens. Data from CoinGecko shows that Bithumb's market share is 46%, while Upbit's is 50.6%.

These two exchanges have long dominated the South Korean cryptocurrency market. Bithumb temporarily surpassed Upbit at the end of 2023 through a zero-fee trading campaign, but quickly lost its position. Analysts state that the current challenge has become more severe, as Bithumb's rise occurs without any special promotional programs.

From January to August 2025, the average daily trading volume reached 3.2 billion USD (₩4.4 trillion) on Upbit and 1.2 billion USD (₩1.6 trillion) on Bithumb, totaling 4.4 billion USD (₩6 trillion). This figure is nearly double compared to 2.2 billion USD (₩2.9 trillion) in the same period last year.

###Concerns about protecting investors in the listing race

Industry experts warn that the fierce competition to list tokens could undermine the due diligence process. Rapid reviews may lead to the approval of assets that do not meet sufficient standards. In the second half of 2025 alone, the five largest exchanges in South Korea delisted 25 tokens, many of which were less than a year old.

Upbit has intensified its delisting activities alongside expanding its listing. In 2023, the exchange removed 10 tokens, 3 tokens in 2024, and 11 tokens in the first eight months of 2025, the highest number ever. Meanwhile, Bithumb delisted 26, 19, and 20 tokens in the same time periods, maintaining about 20 delistings per year. Upbit's delisting rate rose from 8% to 24%, while Bithumb's decreased from 24% to 21%.

A sector official, who requested anonymity, stated: "With the South Korean market limited to spot trading, the expansion of listings has become the only competitive tool. Ironically, strict regulations have spurred fiercer listing wars, undermining investor protection." He pointed out that South Korean regulations restrict exchanges to only spot trading, prohibiting derivative products and other products.

Mr. Giáo