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South Korean crypto exchange operator could face stricter scrutiny and regulations

The Korea Fair Trade Commission (KFTC), is considering classifying Dunamu, the operator of crypto exchange Upbit, as a “large business,” which could put the company under increased scrutiny and tougher regulations by authorities.

Korea Fair Trade Commission / Image by: Wikimedia Commons

Fri, 22 Apr 2022, 11:09 am UTC

Dunamu could face stricter scrutiny and regulations from South Korean authorities. Dunamu is the operator of Upbit, the country’s largest crypto exchange.

The Korea Fair Trade Commission (KFTC) is considering classifying Dunamu as a “large business,” according to the Korea Herald. This could put the company under increased scrutiny and tougher regulations by authorities.

The KFTC considers businesses with over 5 trillion won ($4.03 billion) in total assets as large businesses and annually reviews them if they should be subject to tougher regulations. These could include requiring them to disclose information on major intracompany dealings, shareholders, and board decisions. Large businesses are also closely monitored and barred from providing excessive and unfair benefits to related parties.

Data from the Financial Supervisory Service’s disclosure system reveal that Dunamo held 10.15 trillion won (US$8.19 billion) in assets as of end-in 2021. This could mean that the company could be subject to even stricter regulations.

Dunamu's 2021 year-end assets is slightly above the 10-trillion won threshold, which would categorize businesses as “companies subject to limitations on mutual investment.” As the description suggests, the crypto exchange operator could be banned from conducting mutual investment, as well as restrictions on debt guarantees and cross-shareholding, according to CryptoPotato.

According to the Korea Herald’s sources, the KFTC will likely regulate Dunamu as a “non-financial business” and consider Upbit’s customer deposits as the company’s own assets. The regulator does not add customer deposits held by those officially categorized as financial businesses to the firms’ total assets.

Just a year earlier, Dunamu only held 1.38 trillion won in assets under its management in 2020. The company’s rapid growth in just one year has attracted the attention of South Korean regulators. Dunamu’s net income rose 46-fold to 2.2 trillion won in 2021. Upbit has a 72 percent share in South Korea’s crypto market, making it the top exchange and the most attention-grabbing crypto unicorns in the country.

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