South Korea's Five Major Exchanges See Significant Decline in New Coin Net Increase in First Half
South Korean exchanges tighten new coin listings.
Upbit, Bithumb, Coinone, Korbit, and Gopax saw a net increase of 49 new coins in the first half of the year, a 74% decrease from 191 coins in the same period last year. The number of newly listed coins dropped from 210 to 117, while the number of terminated listings surged from 19 to 68, an increase of 258%.
The trading volume of the exchanges fell from $70 billion to $46.07 billion, a year-on-year decrease of 34%, with monthly declines ranging from 30% to 70%. This reflects a priority on clearing low liquidity coins and strict listing standards.
Source: Public Information
ABAB AI Insight
韩国交易所此前在牛市中积极扩充币种以捕获交易量，此次净增下滑延续监管趋严与风险控制强化路径，类似2022-2023熊市后多次加强合规审查的历史行为。
资本路径上，交易所通过终止低质币种减少风险暴露，同时资本向头部资产集中，企业与机构偏好合规成熟项目，动机在于维持流动性与声誉，避免监管罚款并适应新规环境。
与全球交易所从野蛮增长向成熟筛选转型类似，韩国市场当前处于熊市调整与监管规范化阶段，交易量下滑加速低质项目出清。
本质属于资本集中：流动性与监管标准提升导致资源向少数优质币种汇聚，机制在于交易所优先保护用户资金与平台稳定，终止表现不佳资产同时收紧上线，形成行业洗牌并提升整体市场定价效率。
ABAB News · 认知定律
熊市中清退弱者胜于牛市狂上新币。
严格标准不是收缩，而是资本向高质量资产集中。
交易量下滑时，生存取决于风险出清而非扩张速度.