[Exclusive] Chaotic Cryptocurrency... Only 3% Common Listings Across 5 Major Exchanges

646 Coins Listed on Korea's Top 5 Exchanges
Only 19 Fully Listed Across All

Diverse Responses to Luna Crash
Concerns Over Difficulty Establishing Investor Protection Measures

[Asia Economy reporters Jung Yoon Lee and Myung Hwan Lee] Among the coins supported for trading by the five major domestic cryptocurrency exchanges operating the won market, only about 3% are commonly listed on all five exchanges. This indicates that the criteria for supporting and delisting cryptocurrencies vary across the five major exchanges, raising concerns that the guidelines they are promoting for cryptocurrency listing and delisting may not be effectively implemented.

According to a compilation of Asia Economy's coverage on the 28th, the total number of coins listed and traded on the five major exchanges?Upbit, Bithumb, Coinone, Korbit, and Gopax?is 646. Among these, 19 cryptocurrencies, including Bitcoin and Ethereum, are listed on all five exchanges. This accounts for only 2.94%. The number of coins commonly listed on four exchanges is 23 (3.56%), showing a similar figure. The number of coins listed on three exchanges is 59 (9.13%), and those listed on two exchanges total 139 (21.52%).

On the other hand, more than half of the listed coins, 406 (62.85%), are traded on only one exchange. By exchange, Upbit has the highest number of coins exclusively listed at 132. This is followed by Bithumb with 107, Coinone with 82, and Gopax with 58. Korbit has the fewest, with 27 coins exclusively listed among the five major exchanges.

Earlier, in May, the collapse of the stablecoin TerraUSD (UST), designed to be pegged to 1 dollar, and its sister coin Luna Classic caused controversy due to differences in how the five major exchanges handled the delisting process. As a result, there were calls for common guidelines on listing and delisting to protect investors. In response, the five major exchanges launched the Digital Asset eXchange Alliance (DAXA) on the 22nd, planning to establish and apply minimum common guidelines for listing and delisting to protect investors. DAXA explained, "Establishing common guidelines does not mean that all exchanges will list the same coins," adding, "By having more systematic guidelines, we aim to minimize investor damage."

However, since only 19 cryptocurrencies?less than 3%?are commonly listed on all five exchanges, questions arise about whether systematic guidelines can be established. This could also imply that the listing and delisting criteria differ for each exchange. An industry insider said, "No specific proposal has been made yet, and the alliance is currently only discussing the direction," adding, "They will likely discuss to ensure that the minimum guidelines and meaningful outcomes for investor protection are met."

There are also opinions that additional measures beyond the self-regulation of the five major exchanges are necessary. Professor Ki-Hoon Hong of Hongik University's Department of Business Administration said, "Since the interests of the five major exchanges differ, it will be difficult to produce useful results within the alliance," and added, "Common guidelines should be autonomously established by the exchanges and entrusted to them, but we cannot rely solely on this, so regulations must be prepared separately."