Kim Byung-ki, floor leader of South Korea’s Democratic Party, faced multiple calls to resign following conflict-of-interest allegations. A former aide claims Kim instructed public attacks on Upbit in the National Assembly while his son secured an internship at Bithumb, the exchange’s main competitor.
Kim was a staunch critic of Upbit’s alleged monopoly and KYC protocol failures, without mentioning that similar issues existed at Bithumb. Upbit holds 72% of the South Korean market and is under constant regulatory scrutiny.
Bithumb denied any wrongdoing in hiring his son, and Kim maintains that his statements were not directed at any specific company and that his son’s employment is unrelated to his legislative work. The opposition and smaller parties allied with the government have called for his resignation, while internal voices within his own party are also pressuring him. Kim will announce his position on December 30.
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