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10 October, 2024

Upbit Under Antitrust Scrutiny in South Korea: Is Monopoly Power a Concern?

10 October, 2024

South Korea’s antitrust watchdog has launched an investigation into Upbit, the country’s largest cryptocurrency exchange, raising concerns about potential market dominance and undue influence over K Bank’s deposits.

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The investigation, which commenced [date], aims to determine if Upbit’s market share and operational practices give it an unfair advantage over competitors. The focus is on whether Upbit’s alleged monopoly over the cryptocurrency market in South Korea has led to a lack of competition and potentially harmed consumers.

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The inquiry centers around Upbit’s relationship with K Bank, which provides deposit services for the exchange. Some analysts argue that Upbit’s close ties with K Bank, a major commercial bank in South Korea, grant it an advantage in attracting customers and handling their deposits.

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This investigation marks a significant development in the regulation of the cryptocurrency industry in South Korea, which has been grappling with issues of market manipulation and investor protection. The outcome of the inquiry could have major implications for Upbit and the broader crypto market in the country.