South Korean police are investigating allegations that political influence was used to affect competition between local crypto exchanges, according to BLOCKMEDIA. The case centers on a former aide to independent lawmaker Kim Byung-gi, who was accused of pressuring the Financial Supervisory Service (FSS) in February last year to make Upbit end fee discount promotions for USDC and USDT. The reported goal was to ease financial strain on rival exchange Bithumb after it launched a zero-fee campaign. Investigators are also looking at what happened afterward: the former aide later took an informal advisory role at Bithumb, while the lawmaker’s son was hired by the exchange as an intern. Bithumb said it had no knowledge of any political interference and maintained that its fee-related decisions were made independently as business matters.
South Korean police are investigating an alleged case of political interference in competition between crypto exchanges, according to BLOCKMEDIA.
Probe focuses on Upbit fee campaign
A former aide to independent lawmaker Kim Byung-gi is accused of pressuring the Financial Supervisory Service, or FSS, in February last year to push Upbit to end fee discount promotions for USDC and USDT. The reported aim was to ease financial pressure on rival exchange Bithumb after it launched a zero-fee promotion.
Subsequent ties to Bithumb draw attention
Questions have also been raised over later developments. The former aide reportedly took an informal advisory position at Bithumb months after the alleged intervention. At the same time, the lawmaker’s son was hired by the exchange as an intern.
Bithumb denies knowledge of interference
Bithumb denied knowing about any political interference and said the fee adjustment was an independent business decision.
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