Odaily Planet Daily News B Online lender K Bank Co. has withdrawn its more than $700 million initial public offering in Seoul due to concerns about high valuations and dependence on funds from cryptocurrency operators. K Bank said in a regulatory filing on Friday that it failed to generate sufficient demand for listing during the recent subscription process. The lender plans to resume its IPO early next year and revise details such as the number of shares issued. The company said in a separate statement that K Bank has rapidly expanded its customer base through cooperation with Upbit, the country's largest cryptocurrency exchange, but faces a contract with the exchange that will expire in October next year. As of the end of June, Upbit's deposits accounted for 16.8% of K Bank's total deposits. K Bank said in its IPO prospectus that failure to continue its partnership with key strategic partners could weaken the competitiveness of its platform. (Bloomberg)