Rising Trading Volumes and Fee-Free Policies Reshape Korean Exchange Competition

Bithumb’s trading volume soared to $1.7159 billion on Sept. 26, marking a drastic surge from $118.88 million three months earlier. This rise is narrowing the gap between Bithumb and Upbit, which holds the top spot with a 90% market share. Upbit’s volume dropped from $3.176 billion to $1.77 billion, closing in on Bithumb. Korbit reclaimed third place with 169.5 billion won in daily trading volume, benefiting from fee-free policies, while Coinone slipped to fourth with 75.5 billion won. Both Bithumb and Korbit adopted free trading fees to bolster their market share, a move that’s reshaping the competition landscape despite revenue loss. Korbit’s coin listings, including WEMIX, significantly boosted its volume. With expectations of a stronger crypto market ahead, the battle for market share among exchanges is set to intensify further.

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