A South Korean ruling party lawmaker has been accused of "suppressing Upbit and securing a job at Bithumb for his son."
PANews reported on December 30th that, according to DL News citing Kyunghyang Shinmun, Kim Byung-ki, the floor leader of South Korea's ruling Democratic Party, is accused of pressuring Bithumb's main competitor, Upbit, in the National Assembly after securing an internship for his son at the cryptocurrency exchange Bithumb. His former aide revealed that in February of this year, Kim Byung-ki instructed his team to prepare interrogation materials to "attack" Upbit's operator, Dunamu, on the grounds that it had formed a "monopoly" in the cryptocurrency market.
In September, investigative news outlet NewsTapa reported that Kim Byung-ki's son was hired as an intern at Bithumb's data team after a private meeting with the company in November 2024. Kim himself has repeatedly criticized the "monopoly position of a single exchange" in parliamentary sessions, specifically pointing to 700,000 KYC violations by that exchange. Upbit is projected to hold a 72% market share in South Korea in the first half of 2025. Kim Byung-ki denies the allegations, stating that his comments did not specifically target any company and that his son's employment is unrelated to his legislative activities. This matter has already drawn pressure from the main opposition party and some parties within the ruling coalition to demand his resignation.
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