{"id":11774,"date":"2024-10-10T17:34:44","date_gmt":"2024-10-10T17:34:44","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=11774"},"modified":"2024-10-10T17:34:47","modified_gmt":"2024-10-10T17:34:47","slug":"south-koreas-upbit-cryptocurrency-exchange-faces-investigation","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/south-koreas-upbit-cryptocurrency-exchange-faces-investigation\/","title":{"rendered":"South Korea&#8217;s Upbit Cryptocurrency Exchange Faces Investigation"},"content":{"rendered":"\n<p>South Korea&#8217;s top financial regulator, the Financial Services Commission (FSC), is set to investigate the cryptocurrency exchange Upbit for potential monopolistic practices. The investigation will also examine its relationship with K-Bank, as the latter prepares for its upcoming initial public offering (IPO) scheduled for late October.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FSC Targets Upbit\u2019s Market Influence<\/h3>\n\n\n\n<p>Local media outlet <em>Infomax<\/em> reported on October 9 that the FSC\u2019s probe into Upbit comes amid concerns of anti-competitive behavior. These concerns were highlighted during a recent audit by South Korea\u2019s National Assembly. Lawmaker Lee Kang-il specifically pointed to Upbit&#8217;s dominant market position and its significant ties with online bank K-Bank.<\/p>\n\n\n\n<p>Lee emphasized that Upbit&#8217;s deposits account for a large portion of K-Bank\u2019s total deposits, raising fears of a potential bank run. This risk prompted regulators to take a closer look at Upbit&#8217;s influence over K-Bank\u2019s operations and overall market stability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">FSC Responds to Concerns About Market Monopoly<\/h3>\n\n\n\n<p>FSC Chairman Kim Byung-hwan confirmed that the agency is aware of the monopoly concerns surrounding Upbit. In response to these concerns, the FSC plans to evaluate the platform\u2019s market structure and its impact. &#8220;We implemented the Electronic Financial Transaction Act on September 15, and we will assess the situation under the new system,&#8221; Kim stated.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">K-Bank\u2019s IPO and Its Link to Upbit<\/h3>\n\n\n\n<p>K-Bank, which has been a primary banking partner for Upbit since at least 2021, is set to go public in Seoul. The IPO could raise up to $732 million, potentially making it South Korea\u2019s largest listing in nearly three years. This close relationship between K-Bank and Upbit has led regulators to closely monitor the bank\u2019s financial health and market exposure.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korea&#8217;s top financial regulator, the Financial Services Commission (FSC), is set to investigate the cryptocurrency exchange Upbit for potential monopolistic practices. The investigation will also examine its relationship with K-Bank, as the latter prepares for its upcoming initial public offering (IPO) scheduled for late October. FSC Targets Upbit\u2019s Market Influence Local media outlet Infomax [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":3646,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[30],"tags":[],"class_list":{"0":"post-11774","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-exchange"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>South Korea&#039;s Upbit Cryptocurrency Exchange Faces Investigation<\/title>\n<meta name=\"description\" content=\"South Korea&#039;s top financial regulator, the Financial Services Commission (FSC), is set to investigate the cryptocurrency exchange Upbit for potential\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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