Upbit faces monopoly investigation

ChainCatcher news, according to Cointelegraph, the South Korean Financial Services Commission (FSC) plans to investigate whether Upbit exchange has engaged in antitrust violations. It was reported that during an audit by the South Korean National Assembly, lawmaker Lee Kang-il expressed concerns about Upbit's market monopoly and its relationship with online bank K-Bank.

He specifically pointed out that Upbit's deposits account for a large portion of K-Bank's deposits, posing a potential risk of a bank run. FSC Chairman Kim Byung-hwan stated that he is aware of Upbit's monopoly issue and that the Financial Services Commission will investigate Upbit's monopolistic structure in response to Lee's concerns.