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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Stacks officially launches USDCx, bringing native institutional-grade USD liquidity to Bitcoin L2
Robinhood's tokenized stock offerings increase to 1,993 types, with assets exceeding $13 million
Trending news
MoreGrayscale: By 2025, the stablecoin supply will reach $300 billion, with an average monthly trading volume of $1.1 trillion, benefiting multiple token assets
Grayscale: Stablecoin supply to reach $300 billions and average monthly trading volume to hit $1.1 trillions in 2025, with multiple token assets set to benefit
Crypto prices
More
