Kim Byung-kee, a figure in South Korea’s Democratic Party, is facing questions about his actions toward Bithumb
$540.1M
, a local cryptocurrency exchange.
A report by Kyunghyang Shinmun on December 28 stated that Kim, who serves on the National Assembly’s Political Affairs Committee, was involved in issues related to crypto companies while his son was seeking a job at Bithumb.
At the same time, Kim raised concerns in parliament about Upbit, another large trading platform run by Dunamu.
Did you know?
Subscribe – We publish new crypto explainer videos every week!
What Is Tether? (USDT SIMPLY Explained With Animations)
The newspaper claimed Kim told his staff to “attack Dunamu” over concerns about a monopoly after tech company Naver announced in November plans to buy the exchange operator for about $10 billion.
Because Kim’s committee handles financial matters, the report said his actions could pose a conflict of interest. Kim has denied any wrongdoing.
The lawmaker said in a statement quoted by the paper, “The company’s work, including hiring [my son], has absolutely nothing to do with me, and it is deeply regrettable that my legislative activities are being linked to my son’s employment through open recruitment”.
Bithumb, the exchange where Kim’s son was reportedly hired, also responded. A company representative said that all recruitment was done “transparently, openly, and fairly”.
They added that the issue of monopoly power in the cryptocurrency industry had been a topic of concern for policymakers since 2021.
Meanwhile, Hong Kong’s Insurance Authority plans to let insurers invest in crypto and infrastructure, with strict 100% capital requirements for safety. What did the regulator say? Read the full story.
