South Korea's Financial Services Commission (FSC) plans to investigate Upbit over concerns about its market dominance and close ties to K Bank.

- FSC Chairman Kim Byung-hwan said the regulator will scrutinize the concentration of power in South Korea's crypto market.

- Upbit accounts for about 80% of the country's crypto market and has more than 8 million users.

- Partnership with K Bank raises concerns about a potential "banking crisis" if Upbit's transactions go awry.

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