The Korean cryptocurrency market is witnessing fierce competition among exchanges, with Upbit dominating at 62.88% market share, followed by Bithumb at 33.15%. Upbit's market share has declined from a peak of 92% in June, while Bithumb's rise is attributed to its zero-fee policy implemented in October for all crypto assets.

Other exchanges like Korbit are following suit by adopting fee-free policies and relisting Wimix to increase market share. However, the sustainability of these policies remains uncertain as fees constitute a significant portion of exchanges' revenue. Disperse Research notes that investors' choices aren't solely based on fee structures, casting doubt on the long-term effectiveness of fee-free strategies in driving exchange growth.

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