Financial Services Commission Chairman Kim Byung-hwan said he would \u201clook into it\u201d regarding the market domination of the country\u2019s leading crypto exchange Upbit.<\/p>\n
In a national assembly meeting, legislator Lee Kang-il raised issues about Upbit\u2019s dominance and its close partnership with the local bank, K-Bank.<\/p>\n
The online banking firm holds a significant portion of Upbit\u2019s deposits, according to an Oct. 10 report<\/a> in local media.<\/p>\n \u201cI am aware of the issue of Upbit\u2019s monopolistic system,\u201d Lee said before adding [translation]:<\/p>\n \u201cThe monopolistic trend toward one company, Upbit, started after its business partnership with K-Bank.\u201d<\/p>\n He then raised an issue about Upbit taking up a significant portion of K Bank\u2019s deposits, which is set to undergo an initial public offering (IPO) soon.<\/p>\n The lawmaker said Upbit accounts for around 20% of K-Bank\u2019s 22 trillion KRW (around $16.3 billion) deposits, adding, \u201cIf Upbit transactions are cut off, a bank run on K-Bank will occur.\u201d\u00a0He was also critical of the bank, questioning whether it was reasonable for such an organization with a profit margin of less than 1% to offer 2.1% for Upbit customer deposits.<\/p>\n \u201cThe influence between Upbit and K-Bank violates the principle of separating finance from industry,\u201d he added.<\/p>\n FSC Chairman Kim responded by stating that the IPO review of K-Bank has been thoroughly examined,\u201d adding, \u201cSince we have a virtual asset committee, we will review the [Upbit] situation comprehensively.\u201d<\/p>\n This week, South Korea\u2019s Ministry of Strategy and Finance announced<\/a> that it is reviewing measures to regulate stablecoins more strictly.<\/p>\n According to CoinGecko, the 2017-established centralized exchange Upbit has a daily trading volume of $1.2 billion. Around 10% of that volume is the BTC\/KRW pair, with altcoins such as Chilliz (CHZ) and Sui (SUI), also popular among Korean crypto traders.<\/p>\n Trading volume on the exchange spiked to $15 billion during the 2024 market peak in mid-March.\u00a0Comparatively, the world\u2019s leading exchange, Binance, has a currency daily volume of around $12.5 billion.<\/p>\n Earlier this year, CryptoPotato<\/em> reported<\/a> that Upbit dominated 80% of South Korea\u2019s crypto trading and was ranked fifth globally. Bithumb<\/a> is Korea\u2019s second-largest crypto exchange, with $700 million in daily volume.<\/p>\n In late September, Upbit announced a change in its privacy policy to store user data on US Amazon Web Services (AWS) servers, effective from Oct. 1.<\/p>\n The post South Korean Finance Regulators to Investigate Upbit\u2019s Monopoly: Report<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Financial Services Commission Chairman Kim Byung-hwan said he would \u201clook into it\u201d regarding the market domination of the country\u2019s leading crypto exchange Upbit. In a national assembly meeting, legislator Lee Kang-il raised issues about Upbit\u2019s dominance and its close partnership with the local bank, K-Bank. The online banking firm holds a significant portion of Upbit\u2019s […]<\/p>\n","protected":false},"author":0,"featured_media":12783,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-12782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12782"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12782"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/12782\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/12783"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12782"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12782"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12782"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Monopoly Concerns<\/h2>\n
Upbit Huge in South Korea<\/h2>\n