In 2025, South Korea’s cryptocurrency market emerged as one of the most vibrant trading hubs globally, fueled by keen retail investors driving significant increases in XRP, Dogecoin, and a host of popular memecoins.
This piece is part of CoinDesk’s Most Influential 2025 list.
At the heart of this liquidity was Upbit, the exchange that consistently accounted for over 80% of the domestic trading volume and occasionally influenced global prices with new listings or surges. The exchange’s direction was largely shaped by a single individual: Sirgoo Lee.
When he declared his intention in 2025 to resign as CEO, it sparked an intriguing question within the crypto sector, both in South Korea and worldwide. Would the most active retail crypto market maintain its dynamics in the absence of the leader who had established its framework and risk culture, or would his departure alter the liquidity landscape in a market essential to global price formulation?
Lee’s influence was partly rooted in a unique management style that contrasted sharply with the traditional hierarchical structure prevalent in corporate Korea. Within Dunamu, Upbit’s parent company, he was recognized for fostering a collaborative environment that emphasized open dialogue and decentralized responsibility—a tactic more common in Western startups but rare in Korea’s more conventional corporate milieu.
At Upbit, this approach revolutionized how user risk was addressed. During his tenure, the exchange implemented systems that retrieved over 94% of erroneous deposits, developed an Investor Protection Center that provides educational resources and legal assistance, and enhanced its compliance and security measures with industry certifications.
In a marketplace where embracing high-risk ‘degenerate’ trading is often seen as a badge of honor, these initiatives enabled Upbit to position itself as the most secure option for South Korean investors.
As Lee approached his exit, Upbit’s dominance remained intact. Its listings continued to generate substantial volume for trending memecoins, and user traffic persisted in its upward trajectory.
South Korea’s retail traders are unlikely to slow down, and, bolstered by Lee’s legacy, Upbit continues to be the platform that amplifies their trading instincts.
