🇰🇷 Upbit is under antitrust investigation

South Korea's largest crypto exchange and the world's second largest by volume, Spot, is under scrutiny for suspected antitrust violations and excessive market dominance after partnering with K-Bank.

K-Bank, a pioneering digital bank in Korea, was founded in 2017 and is preparing for a major IPO.

However, about 20% of K-Bank's total deposits come from Upbit customers. This shows the interdependence between the two parties and if anything happens to Upbit, K-Bank is also vulnerable to the risk of a "bank run".

This is the reason why the government 🇰🇷 has to intervene to ensure that both parties do business transparently.