South Korean Lawmaker’s Alleged Pressure on Crypto Exchange Draws Scrutiny

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A South Korean lawmaker is under scrutiny following allegations that he sought to pressure a major cryptocurrency exchange after his son obtained a job at a competing platform. The report centers on Kim Byung-kee, floor leader of the Democratic Party.

The report alleges that Kim, while serving on the National Assembly’s Political Affairs Committee, attempted to secure a position for a son at the crypto exchange Bithumb. Concurrently, he is said to have raised concerns in the legislature about Upbit, a rival exchange operated by Dunamu.

It is further claimed that Kim directed staff to “attack Dunamu” on monopoly grounds following a proposed $10 billion acquisition of the company by Naver. This merger would still require regulatory approval.

Kim’s role on a committee overseeing financial institutions has sparked conflict-of-interest concerns. The lawmaker has denied any wrongdoing, stating his son’s employment and his legislative work are entirely separate.