A South Korean legislator is under close scrutiny due to family ties with a cryptocurrency exchange.

Kim Byung-kee, a senior lawmaker from South Korea’s Democratic Party, is under investigation for allegedly pressuring Dunamu, the company operating the Upbit cryptocurrency exchange, after his son was reportedly seeking a job at the competitor Bithumb. Reports indicate that Kim, a member of the National Assembly’s Political Committee, instructed staff to “attack Dunamu” due to concerns over monopoly following Naver’s planned acquisition of Dunamu for $10 billion.

His position overseeing financial institutions has raised concerns about a conflict of interest. Kim denies any wrongdoing, asserting that legislative work is unrelated to his son’s employment. Bithumb confirmed transparent and fair hiring practices and emphasized the issue of monopoly in the crypto market since 2021. The South Korean government is still finalizing the stablecoin legal framework, lagging behind the US. The ruling party plans to introduce a new bill in January.