PANews reported on October 24 that according to Newsis, regarding the deposit interest rate competition between local crypto exchanges such as Bithumb after the implementation of South Korea's "Virtual Asset User Protection Act", Lee Bok-hyun, director of the Financial Supervisory Service (FSS) of South Korea, said: "We are understanding the current situation of the industry and are discussing how to solve related issues such as Bithumb, which is under investigation, in a market-autonomous manner." Kim Byoung-hwan, chairman of the Financial Services Commission (FSC) of South Korea, also said: "Because of price issues, we need to be cautious in direct supervision, but we will work hard to find a solution."
The competition for deposit rates began on July 19, when Upbit announced a 1.3% rate. In response, Bithumb launched a 2.0% rate, which prompted Upbit to raise its rate to 2.1%. Bithumb further raised its rate to 2.2%. With Korbit joining the competition with a 2.5% rate, Bithumb again raised its rate to 4.0%. However, after the FSS intervened, Bithumb withdrew its 4.0% rate.
