South Korean cryptocurrency exchange Upbit faces monopoly investigation

Odaily Star Daily News: The Financial Services Commission (FSC) of South Korea plans to investigate whether the Upbit exchange has engaged in antitrust violations. According to reports, during the audit of the South Korean National Assembly, lawmaker Lee Kang ri expressed concerns about Upbit's market monopoly and its relationship with online bank K-Bank. He specifically pointed out that Upbit deposits account for a significant portion of K-Bank deposits, posing a potential risk of bank runs. The Chairman of the Financial Services Commission of South Korea, Kim Byung hwan, stated that he is aware of Upbit's monopoly issues and the commission will investigate Upbit's monopoly structure in response to Lee Kun hee's concerns. （Cointelegraph）