Online lender KBank has withdrawn its more than $700 million initial public offering in Seoul, which was originally scheduled to price on Friday and IPO on October 30, Golden Finance reported. K Bank has rapidly expanded its customer base through cooperation with Upbit, South Korea's largest cryptocurrency exchange, but its contract with the exchange 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 extend its partnership with key strategic partners could weaken the competitiveness of its platform.