{"id":139309,"date":"2024-10-10T19:00:44","date_gmt":"2024-10-10T16:00:44","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=139309"},"modified":"2024-10-10T16:10:14","modified_gmt":"2024-10-10T13:10:14","slug":"upbit-faces-monopoly-investigation-in-south-korea","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/upbit-faces-monopoly-investigation-in-south-korea\/","title":{"rendered":"Upbit Faces Monopoly Investigation in South Korea"},"content":{"rendered":"<p>Financial Services Commission head Kim Byung-hwan announced the <strong><a href=\"https:\/\/news.einfomax.co.kr\/news\/articleView.html?idxno=4327737\">probe<\/a><\/strong> during a National Assembly session, following remarks from lawmaker Lee Kang-il about Upbit&#8217;s significant deposits at K Bank, which make up 20% of the bank&#8217;s total.<\/p>\n<p>This scrutiny comes as K Bank prepares for a major IPO, raising questions about its reliance on Upbit for deposits and the reasonableness of offering high interest rates given its low profit margins.<\/p>\n<p>The commission will examine these issues more closely through its Virtual Asset Committee.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/fbi-launches-new-cryptocurrency-to-expose-fraudsters\/\" title=\"FBI Launches New Cryptocurrency to Expose Fraudsters\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2022\/07\/FBI-240x170.jpg\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">FBI Launches New Cryptocurrency to Expose Fraudsters<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>Upbit has faced scrutiny for its role in pump-and-dump schemes involving lesser-known altcoins, with some traders using manipulative tactics to inflate asset prices.<\/p>\n<p>Ki Young Ju, CEO of CryptoQuant, noted that strict capital controls in South Korea exacerbate these practices, potentially isolating local exchanges further and solidifying Upbit&#8217;s market dominance.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean lawmakers have launched an investigation into Upbit, the nation&#8217;s largest cryptocurrency exchange, amid concerns about its monopolistic influence in the virtual asset market.<\/p>\n","protected":false},"author":3,"featured_media":85277,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[26],"tags":[],"class_list":["post-139309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocrime"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Upbit Faces Monopoly Investigation in South Korea<\/title>\n<meta name=\"description\" content=\"South Korean lawmakers have launched an investigation into Upbit, the nation&#039;s largest cryptocurrency exchange, amid concerns...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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