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.

South Korea's investigation into Upbit's market monopoly is a crucial step in ensuring a fair and competitive environment in the country's cryptocurrency space. Given Upbit's significant market share and partnership with K-Bank, it's essential to assess whether this dominance is detrimental to other exchanges and consumers. The revelation that 20% of K-Bank's deposits come from Upbit crypto customers raises concerns about the concentration of financial power and potential systemic risks. Regulators must strike a balance between promoting innovation and safeguarding market integrity.