South Korean lawmaker faces scrutiny over family ties to crypto exchange: Report

A key lawmaker overseeing financial institutions reportedly tried to secure a job for one of his sons at a crypto exchange while raising concerns about a competitor.

Kim Byung-kee, floor leader of South Korea’s Democratic Party, is facing scrutiny following a report alleging that he sought to pressure Dunamu, the operator of cryptocurrency exchange Upbit, after his son secured a position at a competitor.

According to a Sunday report by news outlet Kyunghyang Shinmun, Kim, a member of the South Korean National Assembly's Political Affairs Committee, allegedly tried to secure a job for one of his sons at crypto exchange Bithumb while simultaneously raising concerns in the National Assembly about Upbit, a competitor crypto exchange operated by Dunamu.

The report claims that Kim instructed his staff to “attack Dunamu” as part of monopoly concerns after South Korean giant Naver agreed in November to acquire the company in a $10 billion deal. The merger would likely still be subject to regulatory approval.

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