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.

The FSC investigation into Upbit's market monopoly could have significant implications for the South Korean crypto market, potentially leading to increased regulatory scrutiny and a shift in market dynamics. Upbit's dominance, fueled by its partnership with K-Bank, has raised concerns about the concentration of market power and its impact on competition. The revelation that 20% of K-Bank's deposits come from Upbit customers highlights the exchange's substantial influence on the banking sector. If the FSC finds evidence of anti-competitive practices, Upbit may face enforcement actions, which could alter the landscape of the South Korean crypto market.