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 significantly impact the global crypto market, as Upbit's dominance in South Korea and its position as the world's second-largest spot cryptocurrency exchange give it substantial influence over market trends. The investigation may lead to increased regulatory scrutiny and potential changes in the exchange's business practices, which could have a ripple effect on the broader crypto landscape, particularly in Asia.