Upbit has captured a commanding 71.6% of South Korea's cryptocurrency trading volume in the first half of 2025, according to the Financial Supervisory Service. The exchange processed transactions worth 833 trillion won ($642 billion), significantly outpacing its nearest competitor, Bithumb, which held 25.8% of the market. Smaller exchanges, including Coinone, Korbit, and GOPAX, collectively accounted for less than 2% of the market. The dominance of Upbit has raised concerns among industry officials about potential monopolistic practices. There are growing calls for regulatory measures to ensure fair competition within the domestic crypto market, as stakeholders debate the implications of such market concentration.