Upbit Eyes US IPO as November Volume Surges Past Kraken but Lags Coinbase and Binance

Upbit‘s November spot trading volume reached $64 billion, according to COINOTAG citing CoinGecko, placing the exchange ahead of Kraken among mainstream CEXs. In comparison, the volume trails Binance by about one-tenth and sits at roughly 66% of Coinbase‘s level.

According to Dotemirates and Similarweb, Upbit‘s app registered 226,000 downloads in November, with web traffic of 8.21 million visits—lower than peers in overall site activity among mainstream exchanges.

The broader environment in Korea has cooled crypto speculation during the winter, contributing to subdued November performance. Despite this, Upbit remains a focal point as it advances toward a US listing.

COINOTAG’ in-depth note on the U.S. listing outlines Dunamu‘s IPO plans, with a reported valuation near $10.3 billion, underscoring the price-discovery dynamic facing Korea’s largest crypto exchange in a global market.