South Korea’s major won-based cryptocurrency exchanges support coin counts comparable to global platforms despite much lower trading volumes. Bithumb supported 474 cryptocurrencies at the end of July, just seven fewer than Binance’s 481, while Coinone supported 375 and Upbit 341. Binance recorded about $7.379 billion in 24-hour trading volume through 3:20 p.m., compared with Bithumb’s $349.22 million. The high listing totals reflect Korean exchanges’ reliance on domestic spot-trading fees and the use of volatile new altcoins to increase turnover. From 2022 through the end of July, with Bithumb figures running through Aug. 18, the five exchanges in parliamentary data listed 1,236 altcoins and removed 430. Thirty-eight were delisted within a year of listing, while Gopax had the highest delisting-to-listing ratio at 63.2%. The figures have intensified concerns that exchanges may prioritize trading volume and revenue over pre-listing screening and investor protection. Korbit’s 133-day fee waiver increased average daily turnover 1,520.8% to 70.66 billion won before volume fell 57.4% after the promotion ended, and Korbit and Coinone resumed fee waivers this month.