Korean Exchanges List More Coins Than Binance and Coinbase

Korean cryptocurrency exchanges are listing more coins than their international counterparts, according to recent data. Bithumb, one of South Korea's major exchanges, supports 474 cryptocurrencies, only seven fewer than global leader Binance. Coinone and Upbit also list a significant number of altcoins, with 375 and 341 respectively.

However, critics argue that the high coin count stems from a narrow business model. Korean exchanges rely heavily on spot trading fees from domestic users for most of their revenue. To drive up trading volume, they often list new altcoins, which attract strong investor interest but are also highly volatile.

The repeated pattern of short-lived listings has raised questions about whether exchanges are screening out risk factors at the initial review stage. An official in the cryptocurrency industry noted that when coins are repeatedly removed within months of listing, it means 'risky products were pushed onto investors without adequate verification at the listing stage.'