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South Korean lawmaker faces scrutiny over family crypto links

Published dez. 29 2025Last Updated dez. 29 2025

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A senior South Korean lawmaker is under scrutiny following allegations of improper involvement with cryptocurrency exchanges linked to his family.

Kim Byung-kee, floor leader of South Korea’s Democratic Party, has denied wrongdoing after a local media report raised conflict-of-interest concerns.

A report by Kyunghyang Shinmun claimed Kim attempted to influence employment decisions at a cryptocurrency exchange.

The report alleged that Kim sought to help one of his sons secure a role at crypto exchange Bithumb.

At the same time, Kim reportedly raised critical questions about rival exchange Upbit in the National Assembly.

Upbit is operated by Dunamu, a major digital asset firm in South Korea.

Kim sits on the National Assembly’s Political Affairs Committee, which oversees financial institutions and regulators.

The report claimed Kim instructed aides to “attack Dunamu” over monopoly concerns.

The scrutiny emerged after Naver agreed in November to acquire Dunamu in a deal reportedly valued at $10 billion.

The proposed acquisition remains subject to regulatory approval.

Critics said Kim’s dual role raised concerns about potential misuse of legislative influence.

Kim rejected the allegations and said his son’s employment was unrelated to his political activities.

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.

Kim said.

A Bithumb spokesperson said the recruitment process was conducted fairly and transparently.

The spokesperson added that monopoly concerns in the crypto market have been discussed since 2021.

The controversy comes as South Korea tightens oversight of the digital asset sector.

Lawmakers and regulators continue to debate market concentration among major exchanges.

The government is also working on broader cryptocurrency regulatory reforms.

Unlike the United States, South Korea has yet to finalise a comprehensive stablecoin framework.

Talks between regulators and the Bank of Korea over won-backed stablecoins stalled in November.

Banks and policymakers remain divided over issuance responsibilities.

The ruling party is expected to introduce a revised crypto bill in January.

The delay followed the failure to meet a key regulatory deadline.

Observers say the allegations could intensify scrutiny of lawmakers’ ties to the crypto industry.