South Korea investigates Upbit over market dominance concerns
South Korea’s Financial Services Commission (FSC) will investigate Upbit, the largest crypto trading platform, due to concerns about its market dominance. FSC Chairman Kim Byung-hwan confirmed the probe, prompted by lawmaker Lee Kang-il's concerns regarding Upbit's significant influence on K Bank, South Korea's first internet-only bank. Upbit accounts for 4 trillion won of K Bank's 22 trillion won in total deposits, raising fears that disruptions at Upbit could lead to a bank run. Lee criticized K Bank for offering unsustainable high interest rates on Upbit deposits. The FSC will review K Bank's IPO process and the Virtual Asset Committee will also examine the situation. This investigation follows a recent MOU between Dunamu (Upbit's parent), K Bank, and BC Card to enhance digital financial services in South Korea.
