South Korea’s crypto market became one of the busiest trading arenas in the world in 2025, with enthusiastic retail investors powering global surges in XRP, Dogecoin, and many of the memecoins that dominated this cycle.

At the center of that liquidity stood Upbit, the exchange that routinely captured more than 80% of the country’s onshore volume and at times moved worldwide prices when a coin listed or spiked. That market was shaped by one executive more than any other: Sirgoo Lee.

When he announced in 2025 that he would step down as CEO, it raised an unusual question for the crypto industry, in South Korea and beyond. Could the world’s most hyperactive retail crypto market operate the same way without the leader who defined its structure and risk culture, or would his exit shift liquidity balances in a country that had become crucial to global price formation?

Part of Lee’s impact came from a management style that stood out in a notoriously hierarchical corporate environment. Inside Dunamu, the parent company of Upbit, he was known for a horizontal approach that encouraged open communication and pushed responsibility downward — a management style common in Western startups but unusual in conservative, strict Korea.

At Upbit, that approach shaped how the company handled user risk. Under his leadership, the exchange built systems that recovered more than 94% of misdirected deposits, established an Investor Protection Center that offers education and legal support, and expanded its compliance and security programs through industry certifications.

In a market where risk-embracing 'degenerate' trading is a point of personal pride, these measures helped Upbit distinguish itself as the venue South Korean investors considered safest.

Upbit’s dominance did not fade as Lee prepared to exit. Its listings still drive significant volume to flavor-of-the-day memecoins, and traffic continues to grow.

Korea’s retail traders will not slow down, and, thanks to Lee, Upbit remains the venue that amplifies their instincts.