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Behind Exchange Competition: Politicians' Sons' Internships Spark Market Monopoly Controversy
[BitPush] A major Korean exchange recently found itself in controversy. A lawmaker from the ruling party was repeatedly criticized during committee meetings for monopolistic practices of the platform, while his son was reportedly arranged for an internship at a competing platform, sparking serious doubts.
The situation is as follows: The lawmaker was originally a member of the National Assembly’s Political Affairs Committee, directly overseeing financial institutions and crypto platforms. In February this year, his team began attacking the operations of this leading exchange at the parliamentary level, focusing on market monopoly accusations. Almost simultaneously, according to media investigations, the lawmaker’s son met secretly with a competitor in November 2024, shortly after which he was quickly assigned as a data analysis intern.
More striking are the details: The lawmaker later criticized the platform multiple times in committee meetings for approximately 700,000 violations related to anti-money laundering and KYC checks. However, he did not make similar remarks about other competitors with similar issues.
Currently, the attitudes from all sides are quite interesting. The competitor denies improper hiring, claiming the process was transparent and open; the lawmaker himself denies the allegations, arguing that he is only principled in opposing monopolies, and that his son’s employment has nothing to do with legislation. But public opinion has already begun to discuss the underlying interests involved. This incident also reflects how market competition among exchanges can extend into the political arena, and how regulatory authority and business interests can easily become entangled.
His son's internship must be well arranged, otherwise how could he be placed so quickly?
This mess at the Korean exchange, it all feels like a show.
The double standards are so obvious, they let their own people go—this is called regulation?
Now I understand why the crypto market is always chaotic.
It's outrageous, the selective enforcement routine is all too common.
In a world of wealth and power, rules seem to be just decorations.
Secret meetings, quick arrangements, selective criticism—this combo is indeed clever.
I just want to ask, why hasn't the 700,000 violation case been dealt with yet?
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This guy's son's internship location can even become a bargaining chip? Politics is the biggest crypto circle.
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Only criticizing one company for 700,000 violations, while remaining silent when opponents break the law—this selective law enforcement is incredible.
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Family business and power linkage, this is the real script of the Korean exchange circle.
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A typical利益输送 (benefit transfer), no matter how well the white paper is written, it can't hide this kind of operation.
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Members of Congress use regulatory power to pave the way for their sons, comparable to some project teams' "cutting leeks" tactics.
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Wait, secret meetings, quick internship arrangements, selective criticism... is this screenwriter serious?
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I just want to know, do competitors also have to offer conditions to their sons to avoid criticism?
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I've seen this kind of operation before, similar to some DAO governance, where power concentration leads to internal distribution of benefits.
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Another family drama, but this time with crypto circle politicians
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Dad controls son's earnings, a classic win-win situation
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70,000 violations got called out, do other platforms just pretend to be invisible? These politicians truly have a unique eye for talent
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Secret meetings followed by internships... I’m telling you, this script is a bit rough
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The water in the crypto circle is really deep, even members of parliament are here to monopolize
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Regulating my son, suppressing your competitors, perfect cooperation
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So is this guy really "saving the people" or just wants to monopolize? I’m laughing to death
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KYC violations, right? What about our competitors' violations? Why are they ignored?
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Another example of "using power to pave the way for his son," crypto circle folks should take a look
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This move is brilliant, suppressing while planning ahead, afraid others won't see through
No, secret meetings with competitors? Is this still called "secret"? Haha.
Just because of this 700,000 violation targeting only one platform, other problematic platforms just pretend to be blind... Disgusting.
How much does the son's internship salary have to be to be worth this much "help"?
This is just a political show in the crypto circle. Who won?
The congressman's family is really professional in doing business, using their authority to make money with standard tricks.
This is how the crypto market is played, hilarious.
How exactly was the son’s internship arranged? How did it get finalized so quickly?
Playing double standards so skillfully, criticizing others for violations of 700,000 while turning a blind eye to your own people’s issues.
Does this guy really treat Congress as his own business arena?
Honestly, this set of tricks has been played out in the crypto world long ago. Using such obvious methods for political-business collusion—haven't you figured out how to think?
How can anyone still believe in this stuff... Selective enforcement is just brazen.
This Korean style is even more chaotic than the crypto circle...
Really fake can't be true, and true can't be fake. Anyway, the winners will always be that group of people.
70,000 violations versus competitors' violations, why are the待遇不一样呢🤔
This session's lawmakers are no good, they can't even hide it.
Arbitrage of power is truly the most stable business in the crypto world.