South Korea’s two biggest exchanges were called out by the Korean media for listing the same coins on the same day—but the truly interesting numbers aren’t in that article.
Chosun Biz, a publication under the Chosun Ilbo, reported on 11/15 that Upbit and Bithumb listed the same coin on the same day on 35 days this year. The latest example was HYPE on 11/10: Upbit opened trading at 3 p.m. Korea time, and Bithumb opened its KRW market at 4:30 p.m., a gap of 90 minutes. An anonymous industry insider quoted in the article said this “effectively proves that the two exchanges coordinate listing times for marketing.” That’s an anonymous opinion with no evidence, so let’s set it aside for now.
The more solid data comes from a tally by Korean media outlet Digital Asset in August: From 2025/1/1 to 2026/8/4, the two exchanges listed 217 unique new coins, 89 of which were listed by both, or 41%. The key is the direction: Upbit announced first and Bithumb followed 42 times, with a median announcement gap of about 1 hour; Bithumb announced first and Upbit followed 47 times, with a median gap of about 33 days. Of the 23 instances where the gap was less than 30 minutes, Upbit announced first 18 times.
In other words, Bithumb is basically Upbit’s shadow: when Upbit lists a coin, Bithumb follows within an hour. When the roles are reversed, Upbit takes a month to decide. Can a listing review committee complete a comprehensive assessment of “technology, circulating supply, transparency, and security” in an hour? Either the review was already done and they were waiting for the other exchange to move first, or the review is just a box-ticking exercise. Either way, it suggests that the words “independent review” don’t carry much weight.
The impact on trading is what matters. The old logic that “an Upbit listing means a pump driven by exclusive access to KRW funds” is now being diluted by Bithumb’s one-hour follow-up. This is even more apparent with a large-cap coin like HYPE: during the first 15 minutes after Upbit opened trading on 11/10, Binance HYPE perpetuals barely moved, going from 74.94 to 74.56.
Korean listing news can still move prices mainly for coins with small circulating supplies. Before rushing in just because you see “Upbit listing,” check the coin’s market cap and whether Bithumb will follow within an hour. Otherwise, you may just be chasing the same batch of liquidity being passed back and forth between the two exchanges.
#Upbit #Bithumb
Chosun Biz, a publication under the Chosun Ilbo, reported on 11/15 that Upbit and Bithumb listed the same coin on the same day on 35 days this year. The latest example was HYPE on 11/10: Upbit opened trading at 3 p.m. Korea time, and Bithumb opened its KRW market at 4:30 p.m., a gap of 90 minutes. An anonymous industry insider quoted in the article said this “effectively proves that the two exchanges coordinate listing times for marketing.” That’s an anonymous opinion with no evidence, so let’s set it aside for now.
The more solid data comes from a tally by Korean media outlet Digital Asset in August: From 2025/1/1 to 2026/8/4, the two exchanges listed 217 unique new coins, 89 of which were listed by both, or 41%. The key is the direction: Upbit announced first and Bithumb followed 42 times, with a median announcement gap of about 1 hour; Bithumb announced first and Upbit followed 47 times, with a median gap of about 33 days. Of the 23 instances where the gap was less than 30 minutes, Upbit announced first 18 times.
In other words, Bithumb is basically Upbit’s shadow: when Upbit lists a coin, Bithumb follows within an hour. When the roles are reversed, Upbit takes a month to decide. Can a listing review committee complete a comprehensive assessment of “technology, circulating supply, transparency, and security” in an hour? Either the review was already done and they were waiting for the other exchange to move first, or the review is just a box-ticking exercise. Either way, it suggests that the words “independent review” don’t carry much weight.
The impact on trading is what matters. The old logic that “an Upbit listing means a pump driven by exclusive access to KRW funds” is now being diluted by Bithumb’s one-hour follow-up. This is even more apparent with a large-cap coin like HYPE: during the first 15 minutes after Upbit opened trading on 11/10, Binance HYPE perpetuals barely moved, going from 74.94 to 74.56.
Korean listing news can still move prices mainly for coins with small circulating supplies. Before rushing in just because you see “Upbit listing,” check the coin’s market cap and whether Bithumb will follow within an hour. Otherwise, you may just be chasing the same batch of liquidity being passed back and forth between the two exchanges.
#Upbit #Bithumb