South Korea’s Financial Services Commission (FSC) revealed on October 10 plans to investigate Upbit, the nation’s largest cryptocurrency exchange, over concerns about its market dominance. Upbit exchange currently controls a high percentage of the crypto market, raising alarms among lawmakers who worry that the platform is becoming too powerful. This concern intensified after Upbit’s partnership with K Bank, a deal that fueled the exchange’s rapid growth.
FSC Chairman Kim Byung-hwan stated that the agency is aware of potential monopoly issues surrounding Upbit exchange and will closely examine its ties with K-Bank to ensure compliance with regulatory standards. The scrutiny began during a National Assembly audit on the same day when Democratic Party lawmaker Lee Kang-il raised concerns about Upbit’s dominance in the crypto market.