TLDR
- Upbit accounted for 71.6 percent of South Korea’s total crypto trading volume in the first half of 2025.
- The platform handled transactions worth 833 trillion won which equals approximately 642 billion US dollars.
- Upbit’s closest competitor, Bithumb, captured only 25.8 percent of the market, with a trading volume of 300 trillion won.
- Smaller exchanges such as Coinone, Korbit, and GOPAX contributed less than 5 percent combined to the market volume.
- Upbit recorded an average daily trading volume of 4.6 trillion won while Bithumb averaged 1.6 trillion won.
South Korean regulators confirmed that Upbit captured 71.6% of domestic crypto trading in early 2025. This figure raises concerns among lawmakers and industry leaders regarding antitrust issues. Meanwhile, smaller exchanges continue to lose relevance as Upbit consolidates its dominance.
Upbit Dominates Market Amid Regulatory Scrutiny
Upbit processed ₩833 trillion ($642 billion) in crypto trades in just six months of 2025. The total volume across all local exchanges was ₩1,162 trillion ($895 billion), placing Upbit far ahead. By comparison, Bithumb managed only ₩300 trillion ($223 billion), claiming a 25.8% share.
These figures come from the Financial Supervisory Service (FSS) via lawmaker Lee Heon-seung’s inquiry. Upbit’s operator, Dunamu, may soon merge with internet giant Naver. This potential merger could further strengthen Upbit’s position in the cryptocurrency market.
Daily transaction data also illustrates the gap. Upbit posted ₩4.6 trillion ($3.36 billion) in average daily trades. Bithumb followed with ₩1.6 trillion ($1.2 billion), maintaining a distant second.
Bithumb Eyes IPO but Trails Upbit
Bithumb is preparing to list on NASDAQ in 2026 to raise global visibility and capital. Despite this ambition, it remains far behind Upbit in terms of trading activity. Still, analysts suggest Bithumb may gain ground with regulatory tailwinds or new user strategies.
The exchange has demonstrated an intention to strengthen its platform and services. It aims to regain some market share from Upbit’s strong position. However, the new data suggests this effort remains an uphill battle.
User base statistics highlight this gap. Upbit holds 53% of the nation’s 10.17 million crypto users. Bithumb commands 37%, leaving little room for others.
Smaller Exchanges Near Market Exit
Coinone, Korbit, and GOPAX are facing declining relevance and minimal user engagement. Coinone processed ₩20.8 trillion ($16 billion), while Korbit recorded only ₩5.5 trillion ($4 billion). GOPAX lagged further, with ₩2.8 trillion ($2.15 billion), which barely impacted the market.
Daily trading volumes for these exchanges remain low. Coinone averaged ₩100 billion ($77 million) daily, Korbit ₩30 billion ($23 million), and GOPAX just ₩10 billion ($7.7 million). The FSS data shows a stark decline from Korbit’s 2022 volume levels, which were once over ₩100 billion daily.
User figures also reflect the decline. The three exchanges combined hold just 10% of users around 990,000 individuals. The media described their influence as “negligible.”
Monopoly Concerns Intensify
Industry experts fear systemic risks if Upbit controls listings and fee policies. One official warned, “Such monopolies could destabilize the entire crypto ecosystem.” Regulators are under pressure to introduce measures ensuring fair competition.
Observers recalled that Upbit once reached over 80% market share in 2024. Comparisons to Coinbase highlight the platform’s scale. Critics argue the Naver merger could widen the gap further.
Lawmakers call for urgent regulatory intervention. The Seoul government faces mounting calls to prevent Upbit from becoming an unchecked monopoly. Whether new rules will emerge remains uncertain.
