SEOUL, February 03 (AJP) - Dunamu, operator of South Korea’s largest cryptocurrency exchange Upbit, is under investigation by the country’s antitrust regulator over suspected unfair practices in the unlisted-share trading market.
The Fair Trade Commission (FTC) said Tuesday it recently conducted an on-site inspection at Dunamu’s headquarters in Seoul to examine allegations that the company restricted trading of its own shares to a single platform while denying similar access to a rival operator, potentially limiting competition.
Regulators are reviewing whether Dunamu unfairly refused cooperation requested by a competing platform, for trading support involving Dunamu shares. Dunamu operates an unlisted-share platform, where its own shares are actively traded.
Dunamu is regarded as one of the most valuable companies in South Korea’s over-the-counter (OTC) market, with a valuation estimated in the trillions of won. Industry sources said the rival trading platform sought cooperation and information sharing to enable trading of Dunamu shares but filed a complaint with the FTC after its request was rejected.
Market observers say Dunamu’s own shares are among the most sought-after assets in Korea’s OTC market.
The FTC plans to review internal documents and transaction data secured during the inspection to determine whether Dunamu’s refusal materially harmed market competition.
If regulators conclude the refusal constituted an unfair trade practice, Dunamu could face corrective orders or financial penalties. The company has not provided detailed public comment but said it would cooperate with the investigation.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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