TechFlow news, October 10 — According to Cointelegraph, citing South Korea's local news agency Infomax, the Financial Services Commission (FSC) of South Korea plans to launch a potential antitrust investigation into Upbit, the country's major cryptocurrency exchange. During the National Assembly audit, lawmaker Lee Kang-il (translated name) expressed concerns over Upbit's market monopolization and its relationship with online bank K-Bank. Lee specifically pointed out that Upbit's deposits account for an excessively high proportion of K-Bank’s total deposits, which could pose a risk of bank run.
FSC Chairman Kim Byung-hwan acknowledged the monopoly issue surrounding Upbit and pledged to conduct an investigation into Lee's concerns. Kim stated, “We implemented the Electronic Financial Transactions Act on September 15 and will examine the relevant circumstances after the system is fully operational.”
