Crypto and Defense Boom Land Bithumb, LIG on South Korea’s Watchlist (Image created by ChatGPT)
SEOUL, May 1 (Korea Bizwire) — The antitrust regulator said Thursday it has decided to add four more business groups to the list of conglomerates subject to tighter supervision, including cryptocurrency exchange Bithumb.
The number of conglomerates on the watchlist came to 92, which have 3,301 affiliates under their wings combined, compared with last year’s 88 groups with 3,301 affiliates, according to the Fair Trade Commission (FTC).
The four newly added groups include Bithumb, which ranked 90th in corporate size, driven by a surge in virtual asset trading ahead of the U.S. presidential election last year.
LIG also was put on the list, as increased military spending amid escalating geopolitical tensions contributed to the rapid growth of the defense industry, the regulator said.Under South Korean law, conglomerates with assets of 5 trillion won (US$3.49 billion) or larger are designated as “large corporations” required to publicly file details on interaffiliate transactions, their ownership structure and key information on nonaffiliates.
(Yonhap)
