Upbit Corners 72% of S Korean Crypto Market as Smaller Exchanges ‘Face Extinction’

Core Insights - South Korean industry officials express concerns that Upbit may be a de facto monopoly in the crypto market, with its market presence overshadowing smaller competitors [1][5] - Upbit's market share of total domestic crypto trading volumes reached 71.6% in the first half of 2025, executing transactions worth 833 trillion won ($642 billion) [2][5] - The total trading volume for all domestic exchanges was 1,162 trillion won ($895 billion), with Bithumb trailing at 25.8% market share [2][3] Upbit's Market Position - Upbit's operator, Dunamu, is nearing a merger with Naver, South Korea's largest internet company, which may further solidify its market dominance [2][3] - Upbit's average daily trading volume was 4.6 trillion won ($3.36 billion) in the first half of the year, significantly higher than its competitors [6] Competitors' Performance - Bithumb, Upbit's closest rival, recorded a trading volume of 300 trillion won ($223 billion) [2] - Smaller exchanges like Coinone, Korbit, and GOPAX have seen their trading volumes decline to negligible levels, with Coinone at 20.8 trillion won ($16 billion; 1.8% market share), Korbit at 5.5 trillion won ($4.01 billion; 0.5%), and GOPAX at 2.8 trillion won ($2.15 billion; 0.2%) [4][5] - The average daily trading volumes for smaller exchanges were significantly lower, with Coinone at around 100 billion won ($77 million), Korbit at 30 billion won ($23 million), and GOPAX at just 10 billion won ($7.7 million) [6]