The Korean Fair Trade Commission is investigating Bithumb for alleged exaggeration in its promotions

According to Yonhap News Agency, the Korea Fair Trade Commission (FTC) has launched an investigation into the virtual asset exchange Bithumb for allegedly exaggerating its promotions. The FTC has dispatched investigators to Bithumb's headquarters in Gangnam to obtain relevant data.

It is reported that the FTC is investigating whether Bithumb's claim in a press release last year that it has "the highest liquidity among domestic virtual asset exchanges" is true. Currently, Upbit ranks first in market share. The FTC is also investigating allegations that Bithumb altered payment terms during a promotional event held at the end of last year. This promotional event aimed to provide subsidies to new users connecting to its API (Application Programming Interface).