South Korea's Financial Services Commission announced plans to investigate the market monopoly structure of Upbit, the country's largest cryptocurrency exchange. Upbit is also the world's second-largest spot cryptocurrency exchange, and its market dominance grew after forming a business partnership with K-Bank. As K-Bank prepares to go public, it has been revealed that around 20% of its total deposits come from Upbit crypto customers.

This development could have significant implications for Upbit and the broader Korean crypto market. If found guilty of monopolistic practices, Upbit may face fines and be forced to restructure its operations, potentially leading to increased competition and better services for users. Moreover, the revelation that 20% of K-Bank's deposits come from Upbit crypto customers highlights the growing importance of crypto in traditional finance.