South Korean cryptocurrency exchange Upbit is under investigation by local financial regulators for potential anti-monopoly violations. Upbit, established in 2017, is a major player in the crypto market with daily trades amounting to $1.2 billion. Concerns were raised during a parliamentary audit regarding Upbit's market dominance and its ties to K-Bank, raising fears of a bank-run risk. The Financial Services Commission (FSC) chairman, Kim Byung-hwan, acknowledged the monopoly concerns and pledged to investigate Upbit's structure. K-Bank, a key banking partner of Upbit, recently filed for a substantial IPO in Seoul. Reports suggest that a significant portion of K-Bank's deposits are linked to cryptocurrencies, with Upbit potentially holding a market share of over 80% in South Korea. Despite these developments, Upbit has not publicly commented on the investigation. Upbit Global also announced temporary suspension of crypto withdrawals and deposits for server maintenance. Read more AI-generated news on: https://app.chaingpt.org/news