Liquidity Risks Emerge in South Korean Crypto Exchanges as Many Assets Trade on Single Platforms

An analysis of South Korea's five major KRW-based exchanges—Upbit, Bithumb, Coinone, Korbit, and GOPAX—reveals that 27.1% of the 606 listed assets are available on only one platform. Data indicates that 164 assets are exclusive to a single exchange, while 53.5% are listed on two or fewer. Coinone leads in exclusive listings with 55 assets, followed by Bithumb with 54. These exclusive assets suffer from low liquidity, with a median 24-hour trading volume of approximately 1.37 million KRW; 79 assets recorded less than 1 million KRW in volume, and 38 saw zero