Korea’s two leading cryptocurrency exchanges are ramping up efforts to scale their operations through leadership changes, business spin-offs, and renewed strategic investments, signaling a new phase of competition in the domestic digital asset market.
According to industry sources, Upbit and Bithumb—collectively commanding the majority of Korea’s crypto trading volume—are both undergoing major organizational restructuring designed to diversify revenue streams and prepare for tighter regulatory scrutiny.
Bithumb has appointed a new CEO, replacing the previous co-CEO structure in a move seen as an attempt to clarify decision-making authority and accelerate business realignment. Under the leadership change, Bithumb plans to spin off certain business units, creating separate entities focused on blockchain infrastructure, custodial services, and compliance technology. The company aims to position itself as more than a trading platform by offering an integrated ecosystem of financial and enterprise services.
Meanwhile, Upbit is reportedly enhancing its organizational capacity through internal restructuring and fresh recruitment, focusing on expanding its institutional client base and overseas partnerships. Although Upbit has not announced a CEO change, it has signaled plans to strengthen governance frameworks to align with anticipated regulatory reforms, including stricter capital requirements and enhanced consumer protection obligations.
Industry analysts interpret these parallel moves as part of a broader shift among major Korean exchanges to transform into full-spectrum digital finance platforms, rather than relying solely on trading fees. As regulatory authorities tighten oversight of coin listings, reserves management, and user protection standards, large exchanges are seeking to preemptively restructure to demonstrate stability and regulatory compliance.
Observers note that the increased competition between Upbit and Bithumb is also driven by the rise of smaller platforms and fintech consortia aiming to capture market share through innovative offerings such as won-pegged stablecoins, crypto lending, and tokenized asset services.
While the restructuring carries risks—especially during a period of market volatility—both companies appear determined to broaden their business portfolios and secure long-term relevance in Korea’s evolving digital asset landscape.
