Confusion in Cryptocurrency: Over 100 Exchanges with Different Listing Standards and Prices

Upbit 178, Bithumb 176, Korbit 33, Coinone 188, etc. Varying Numbers
Many Cryptocurrencies Traded Exclusively... Prices Differ Due to Closed Structure
Investor Protection Measures Differ... Signs of Price Manipulation Tolerated Detected

Status of Listings on the Four Major Domestic Cryptocurrency Exchanges and Bitcoin Price Trends

[Asia Economy Reporter Gong Byung-sun] Amid the cryptocurrency frenzy, it has been revealed that each cryptocurrency exchange, which is supposed to protect investors, has vastly different standards regarding listing criteria, cryptocurrency prices, and protective measures. Some exchanges list cryptocurrencies without verification, raising concerns about potential victimization.

Although not officially tallied, it is estimated that there are about 100 cryptocurrency exchanges in South Korea. However, due to the absence of regulations related to the cryptocurrency market, these approximately 100 exchanges operate without unified standards and make decisions arbitrarily.

Opaque Listing Criteria Vary by Exchange

The number of listed cryptocurrencies varies significantly due to differing listing criteria across exchanges. As of the 27th, Upbit lists 178 cryptocurrencies, Bithumb 176, Korbit 33, and Coinone 188. The four major domestic exchanges each present comprehensive listing criteria such as business models, technical feasibility, and transparency, but do not disclose specific details.

Many cryptocurrencies are traded exclusively on individual exchanges. Dogecoin, which recently showed high volatility, is traded only on Upbit. When Dogecoin becomes a hot topic and trading volume increases, only Upbit among the four major domestic exchanges collects fees. Arowana Token, which surged over 1000 times in 30 minutes on the 20th, is listed only on Bithumb. Wrapped Bitcoin is traded exclusively on Korbit, and Banana Talk is traded only on Coinone.

Even the prices of the same cryptocurrency vary greatly between exchanges. This is because the number of users differs for each exchange, and cryptocurrencies are traded within a closed system limited to each exchange. For example, as of 8 a.m. that day, Bitcoin was trading at 63.57 million KRW on Upbit, 63.60 million KRW on Bithumb, 63.50 million KRW on Korbit, and 63.51 million KRW on Coinone.

Divergent Delisting Regulations

The problem is that investor protection measures also differ by exchange. A representative protective measure an exchange can take is delisting a cryptocurrency, but decisions vary by exchange. For example, on the 16th of last month, GoMoney2 was delisted from Upbit after falsely announcing it had received investment from the U.S. cryptocurrency asset platform Celsius Network, but it is still traded on Bithumb and Coinone. Cortex was delisted from Upbit on the 31st of last month for failing to meet internal standards, but it can still be bought and sold on Bithumb at around 300 KRW.

Exchanges other than the four major domestic ones do not even provide basic investor protection. There are even signs that some exchanges tolerate price manipulation. Probit, a small-to-medium exchange, has over 500 cryptocurrencies listed, leading to criticism that it essentially has no listing standards. In fact, Probit listed a cryptocurrency called Allat on December 17 last year. Allat rose continuously for 77 days after listing but plummeted 98.16% in a single day on the 4th of last month. Investors who bought during the rise lost most of their money in one day. Reviewing Allat’s whitepaper reveals that the developer’s identity and career were not properly documented, strongly suggesting fraud, yet Probit listed it as is.

In response, voices from the cryptocurrency industry have called for unifying the chaotic standards across exchanges and expelling malicious exchanges. An industry insider said, "Expelling exchanges that seek profits through indiscriminate listings will increase trust in the cryptocurrency industry," adding, "Above all, the four major domestic exchanges should reduce the gap in listing standards to prevent investor confusion."

This content was produced with the assistance of AI translation services.