TechFlow news: Kim Byeong-hwan, Chairman of the Financial Services Commission of South Korea, said during a parliamentary audit at the National Assembly's Committee on Finance that the virtual asset market's monopolistic practices centered around Upbit will be reviewed. Responding to lawmakers' inquiries about Upbit's monopolistic structure, Kim stated that a comprehensive review will be conducted through the Virtual Asset Committee.
In addition, lawmakers raised concerns over Upbit's partnership with K Bank. They pointed out that K Bank's total deposits amount to 220 trillion KRW, with Upbit accounting for 40 trillion KRW—approximately 20%. If Upbit experiences a trading disruption, K Bank could face a risk of bank run.
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