FSC investigates Upbit’s market dominance due to concerns over its K-Bank partnership.
Upbit’s control could risk K-Bank’s stability, accounting for 20% of its total deposits.
Upbit expands, gaining regulatory approval in Singapore for crypto payment services.
South Korea’s Financial Services Commission (FSC) announced plans to investigate Upbit’s market dominance. This investigation follows concerns about Upbit’s ownership in the virtual asset sector and its association with K-Bank, an internet-based bank preparing for an initial public offering (IPO).
South Korea's Financial Services Commission said it will investigate the market monopoly structure of Upbit, South Korea's largest cryptocurrency exchange. Upbit is also the world's second-largest spot cryptocurrency exchange, and its market dominance began after establishing a…
— Wu Blockchain (@WuBlockchain) October 10, 2024
Concerns Raised Over Upbit and K-Bank Relationship
During a National Assembly state review, FSC Chairman Kim Byung-hwan addressed concerns raised by lawmaker Lee Kang-il. Lee expressed worry that Upbit has gained significant market control through its alliance with K-Bank.
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