South Korea Lawmaker Kim Byung-kee Faces Scrutiny Over Family Ties to Crypto Exchange and Raises Questions About Upbit

Kim Byung-kee, the floor leader of South Korea’s Democratic Party, is in the spotlight after questions arose about potential conflicts between his parliamentary actions and his family’s ties to the crypto industry.

Reports have connected his recent interventions with the hiring of his son at a major cryptocurrency exchange, stirring controversy in political and financial circles.

Internship Sparks Questions

According to multiple sources, Kim’s son started an internship at Bithumb, one of the country’s leading crypto exchanges.

Soon after, Kim publicly raised concerns about Upbit, the nation’s largest exchange, drawing attention to the timing and nature of his comments. Critics have suggested the proximity between his son’s employment and his public statements warrants scrutiny.

Allegations of Favoritism and Influence

Former aides claim that Kim met with Bithumb executives in November 2024, just before his son joined the firm. They allege that he personally advocated for his son’s resume with several companies in the sector.

Additionally, reports indicate that some staff members handling government relations at Bithumb received unusually high bonuses—up to seven times their normal pay.

Aides were reportedly instructed to encourage lawmakers to raise questions about Upbit’s market dominance during committee sessions.

Market Power at the Heart of the Issue

Upbit holds a commanding share of South Korea’s crypto market, with figures cited around 72%. Such dominance makes any official criticism highly sensitive politically.

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Observers argue that the overlap between Kim’s public scrutiny of Upbit and his son’s hiring at Bithumb could raise ethical concerns.

The overall crypto market continues to hover near $2.95 trillion, highlighting the stakes involved in regulatory oversight and market competition.

Statements and Denials

Kim Byung-kee has denied any personal gain from his legislative actions, emphasizing that his questions were rooted in policy concerns about market concentration rather than private benefit.

Bithumb has also stated that its recruitment procedures were transparent and merit-based. Independent media outlets covering the story have reached out to both Kim’s office and the exchange for comment, as scrutiny continues to mount.

Political and Regulatory Fallout

The situation has prompted calls for accountability from opposition lawmakers and voices within Kim’s own party.

Some legislators demanded his resignation from leadership duties while investigations proceed, and media reports confirmed that he stepped down from his role as floor leader at the National Assembly in western Seoul.

Authorities and ethics committees are expected to review records of meetings, personnel files, and internal communications to determine whether conflict-of-interest rules were violated.

Kim is anticipated to address the allegations publicly, while lawmakers have pledged to pursue full transparency if evidence of undue influence emerges.

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