the Financial Supervisory Commission (FSC) of South Korea has proposed limiting the shareholding ratio of individuals or companies in cryptocurrency exchanges to 15-20% to avoid conflicts of interest. The FSC chairman stated that exchanges have become part of the financial system and should establish corresponding governance structures. The proposal regards exchanges as public infrastructure but faces opposition from the ruling Democratic Party and the industry.

Currently, major exchanges in South Korea are controlled by a single founder or company: Upbit operator Dunamu's founder holds 26%, Nexon holds over 60% of Korbit, Binance controls more than 67% of GOPAX, and Coinone's founder holds 53%. Analysts point out that while regulators are firm in their stance, friction with the government and industry will continue, creating a potential deadlock. If the new regulations are implemented, all major exchanges will need to adjust their equity structures.