South Korea crypto exchange activity

In late July 2026, Upbit, South Korea’s leading cryptocurrency exchange, added two DeFi lending tokens—Morpho and Euler—to its Korean‑won trading pairs. The listings triggered immediate price moves, with Morpho rising about 4.8% and Euler surging roughly 74% before its KRW launch. Upbit imposed short‑term order controls to curb volatility.

By early August, the same market showed a different pattern. Over 18 months, the country’s five largest won‑denominated exchanges have consistently sent more stablecoins abroad than they receive, with a net outflow of 2.76 trillion won in June 2026. At the same time, domestic trading volume on Upbit and Bithumb spiked, driven by altcoins such as MetaDAO, Euler and XRP. The data suggest Korean investors are moving capital to overseas platforms for higher yields while domestic exchanges experience heightened altcoin activity.