South Korea’s cryptocurrency exchange market is being reshaped by a zero-fee campaign launched by Coinone and Digital X late last month. Their combined share of the five major won-based exchanges rose from the 3% range to about 7% this month, while Bithumb’s share fell below 30% and Upbit’s remained broadly stable. CoinGecko data released on the 14th showed Coinone’s share increasing to 5.9% from an August average of 2.72%, and Digital X’s nearly doubling to 1.06% from 0.55%. The shift has so far been concentrated at Bithumb, whose customer base has historically been more sensitive to trading fees, while Upbit retains investors who prioritize liquidity (ease of buying or selling) and order execution. Bithumb previously gained substantial market share after offering zero fees for about four months from October 2023, raising concerns that a longer campaign by its rivals could further pressure the exchange.