Upbit listings lag initial debuts by 28 days on average, study finds

South Korean cryptocurrency exchanges like Upbit and Bithumb are often the final destination for new token listings compared to their global counterparts, according to a new analysis. Crypto research and investment firm IOSG Ventures explained via X that while exchanges like Coinbase, Bybit, and Binance Futures lead price discovery with initial listings, and Binance's spot market lists projects after market validation, South Korean platforms take a more cautious approach. The firm stated that Upbit, Bithumb, and OKX tend to list tokens only after a strong market consensus has already formed. IOSG Ventures added that 85% of Bithumb's new listings are trailing ones, while Upbit tends to be the slowest, listing tokens an average of 28 days after their initial debut elsewhere. This trend is attributed to South Korea's lengthy regulatory review process and the preference of local exchanges to wait for established market agreement.