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 the South Korean crypto market, particularly if the investigation leads to increased regulatory oversight or potential restructuring of Upbit's operations. The close ties between Upbit and K-Bank have undoubtedly contributed to Upbit's market dominance, but this investigation may challenge that status quo.