CandleFocus South Korean Finance Regulators to Investigate Upbit’s Monopoly: Report
2024-10-10
Author: Content Editor
The chairman of South Korea's Financial Services Commission (FSC), Kim Byung-hwan, has suggested that he will investigate the market dominance of leading crypto exchange Upbit. Lawmaker Lee Kang-il raised concerns about Upbit's close partnership with local bank K-Bank and its large share of the bank's deposits. Lee stated that if Upbit were to be cut off, it could result in a bank run on K-Bank. Chairman Kim responded by saying that the initial public offering (IPO) of K-Bank has been thoroughly examined and that the situation with Upbit will be reviewed by the virtual asset committee. Upbit is the largest crypto exchange in South Korea, accounting for 80% of the country's crypto trading.
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