According to ChainCatcher, Kim Byung-hwan, chairman of the Financial Services Commission of South Korea, recently stated that he would review the monopoly phenomenon of the virtual asset market centered on Upbit. In the national affairs inspection of the National Assembly Political Affairs Committee, Kim Byung-hwan responded to the lawmakers' inquiries about Upbit's monopoly structure, pointing out that a comprehensive review would be conducted through the Virtual Asset Committee.

In addition, lawmakers also questioned Upbit's partnership with K Bank. Lawmakers said that K Bank's total deposits were 22 trillion won, of which Upbit's deposits reached 4 trillion won, accounting for as much as 20%. If Upbit's trading is interrupted, K Bank may face the risk of a run.

This move shows that the South Korean government is stepping up its supervision of the crypto market to ensure the fairness and stability of the market.