Behind Exchange Competition: Politicians' Sons' Internships Spark Market Monopoly Controversy

[BitPush] A major Korean exchange recently found itself in controversy. A lawmaker from the ruling party was repeatedly criticized during committee meetings for monopolistic practices of the platform, while his son was reportedly arranged for an internship at a competing platform, sparking serious doubts.

The situation is as follows: The lawmaker was originally a member of the National Assembly’s Political Affairs Committee, directly overseeing financial institutions and crypto platforms. In February this year, his team began attacking the operations of this leading exchange at the parliamentary level, focusing on market monopoly accusations. Almost simultaneously, according to media investigations, the lawmaker’s son met secretly with a competitor in November 2024, shortly after which he was quickly assigned as a data analysis intern.

More striking are the details: The lawmaker later criticized the platform multiple times in committee meetings for approximately 700,000 violations related to anti-money laundering and KYC checks. However, he did not make similar remarks about other competitors with similar issues.

Currently, the attitudes from all sides are quite interesting. The competitor denies improper hiring, claiming the process was transparent and open; the lawmaker himself denies the allegations, arguing that he is only principled in opposing monopolies, and that his son’s employment has nothing to do with legislation. But public opinion has already begun to discuss the underlying interests involved. This incident also reflects how market competition among exchanges can extend into the political arena, and how regulatory authority and business interests can easily become entangled.