Listing on Korea’s Top Crypto Exchanges Come With a Multi-Million Dollar Price Tag, Projects Claim

Key Takeaways

• Crypto projects reportedly paid millions to get listed on South Korea’s top exchanges.
• At least two projects allegedly paid $10 million to Upbit and $2 million to Bithumb.
• Upbit denies the claims, stating its listing process is independent and comprehensive.

Getting listed on South Korea’s leading crypto exchanges has become an expensive endeavor, with reports emerging that some projects have paid millions in intermediary fees to secure a spot on platforms like Upbit and Bithumb.

South Korea is known for its stringent regulatory approval process, subjecting exchanges to regular inspections to maintain high standards.

However, the latest claims suggest that some projects may be resorting to hefty payments to fast-track their listings behind the scenes.    

Crypto Projects Paying Millions for Listings

According to a report from Colin Wu , at least two crypto projects paid approximately $10 million and $2 million to get listed on Upbit and Bithumb, respectively.

Additionally, some projects reported being charged intermediary fees ranging from 3% to 5% of their total token supply to secure a listing on Upbit.

The report clarifies that not every project paid these fees. Out of the seven projects Wu contacted, three claimed they did not pay any intermediary charges.

Upbit has denied these allegations, emphasizing that its evaluation process for new listings is comprehensive and does not require financial compensation from projects.

The Broader Issue of Exchange Listing Fees

The issue of hefty listing fees is not unique to South Korea. In the past year, major crypto exchanges like Binance and Coinbase have also faced accusations of charging projects high fees for listings.

Both Binance and Coinbase have denied such claims, arguing that any required funding is not a direct listing fee but rather a security lockup to support listed projects.

Upbit has also pushed back against the allegations, urging the source of the claims to disclose the names of the companies that allegedly paid such fees.

“Upbit does not allow the involvement of external agencies to assist or intermediate trading support, and all procedures are conducted directly by Upbit employees. If a specific company or individual demands intermediary fees while claiming to guarantee trading support from Upbit, please be advised that this is the act of illegal brokers unrelated to Upbit,” the company wrote. 

While crypto exchanges insist that token listings are driven primarily by market demand, the recent surge in memecoin listings has put those claims under scrutiny.

In response to growing concerns, Binance has introduced a community vote-based listing and delisting process, aiming to increase transparency and fairness in token selections.