Upbit Faces Monopoly Investigation

On October 10, Cointelegraph reported that South Korea's Financial Services Commission (FSC) plans to investigate the Upbit exchange for antitrust violations. During an audit by the Korean National Assembly, MP Lee Kang-il reportedly expressed concerns about Upbit's market monopoly and its relationship with online bank K-Bank.

In particular, he suggested that Upbit's deposits accounted for a significant portion of K-Bank's deposits and that there was a potential risk of a bank run. Kim Byung-hwan, chairman of Korea's Financial Services Commission (FSC), said he was aware of Upbit's monopoly and that the FSC would investigate Upbit's monopolistic structure in response to Lee's concerns.