South Korean cryptocurrency exchange Upbit is under scrutiny by local financial regulators due to monopoly suspicions.

Reasons for Monopoly Investigation

During an audit by the South Korean parliament, lawmaker Lee Kang-il expressed concerns about Upbit’s market monopoly and its relations with online bank K-Bank. He specifically raised concerns over a significant portion of Upbit's deposits being held with K-Bank, presenting a potential risk.

Regulators' Response

FSC Chairman Kim Byung-hwan acknowledged awareness of the issue, stating that the FSC would investigate Upbit’s monopoly structure in response to Lee's concerns.

Impact on K-Bank and IPO Plans

K-Bank, a main banker for Upbit since 2021, filed for an initial public offering in Seoul in September, potentially raising up to $732 million. This could become South Korea's largest listing in almost three years, highlighting the significance of the Upbit situation.

This is a developing story, and further information will be added as it becomes available. The attention from financial regulators on Upbit points to the seriousness of the accusations of monopoly breaches, potentially affecting the entire cryptocurrency market in South Korea.