Four Pillars is partnering with SurfAI to launch the Asia CEX Research Series.
Centralized exchanges remain a core part of Asia's digital asset market, but the region cannot be viewed as a single market. Korea, Japan, Hong Kong, and Southeast Asia each operate under different regulatory frameworks, user behavior, and market structures, resulting in distinct competitive dynamics across each region.
Global exchanges such as Binance, Bybit, and OKX continue to play a major role across the region, while licensed local exchanges remain important competitors within individual markets. As regulatory frameworks increasingly formalize around virtual asset service provider requirements, the role and business scope of centralized exchanges are also evolving rapidly.
Competition is also expanding beyond spot trading. Payments, custody, and onchain settlement are becoming increasingly important areas as centralized exchanges evolve from trading venues into broader digital asset infrastructure platforms.
The research series will examine this transition market by market. Each report will profile major exchanges and regulatory frameworks while analyzing trading volumes, listings, and user behavior to provide a more comprehensive view of how each CEX market is structured and how it is changing.
The first report focuses on Korea. The Korean market stands out for its significant share of global fiat spot trading and its unusually high concentration of trading activity in altcoins and newly listed assets rather than Bitcoin and Ethereum. Using trading data, Four Pillars and SurfAI examine the structural factors behind this behavior and how liquidity develops following new exchange listings.
Through the Asia CEX Research Series, Four Pillars and SurfAI will continue to analyze how regulation, user behavior, listing structures, and competitive dynamics are shaping centralized exchange markets across Asia.