[Alpha Biz= Paul Lee] Kim Byung-ki, floor leader of the Democratic Party of Korea, is under scrutiny for alleged “quid pro quo questioning” related to his youngest son’s employment at a cryptocurrency exchange. The controversy has raised concerns across political and financial circles over a sitting lawmaker’s potential improper involvement in the rivalry between South Korea’s two major crypto exchanges, Bithumb and Upbit (run by Dunamu).

According to reports from Hankyoreh and Kyunghyang Shinmun on December 29, Kim’s son, identified as Kim M., joined Bithumb in January as a data analysis intern. The timing and circumstances of the hire have drawn attention.

A Bithumb job posting from late November explicitly stated a preference for candidates with a mathematics background, which perfectly matched Kim M.’s credentials, having majored in mathematics at the University of Kentucky. Notably, the posting was published shortly after Kim Byung-ki reportedly held a dinner meeting with Bithumb executives, fueling suspicions of a “tailor-made” hiring process.

Reports indicate that former aides have claimed Kim personally delivered his son’s resume to multiple companies and directly engaged with Bithumb executives, ultimately facilitating his son’s employment.

Further controversy surrounds directives reportedly given by Kim to his aides around the time of his son’s hiring. According to reports, following his November meeting with Bithumb, Kim instructed his aides to prepare aggressive questioning targeting Bithumb’s main competitor, Upbit.

This directive is sensitive due to the competitive structure of South Korea’s crypto market, where Upbit holds the largest market share, followed by Bithumb. In February, Kim also raised concerns in a National Assembly Financial Services Committee meeting, seemingly targeting Upbit’s alleged monopoly practices. While he did not directly name any company, he cited cases such as firms that continued normal trading during the Luna incident and the detection of 700,000 KYC (Know Your Customer) violations—references widely interpreted as pointing to Upbit.

Industry observers suggest that these actions could have effectively benefited a specific competitor, raising conflict-of-interest concerns.

Kim Byung-ki’s office, however, has strongly denied all allegations.

 

 

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