The Korea Financial Supervisory Service has called five major virtual asset exchanges, including Upbit and Bithumb, to discuss deposit utilization rates

South Korea's Financial Supervisory Service (FSS) urgently called five virtual asset exchanges, including Upbit and Bithumb, to discuss deposit utilization rates. The move stems from the recent intensification of inter-exchange rate competition, especially after Bithumb once raised the annualized interest rate to 4.0%. The FSS stressed that utilization rates should be calculated reasonably, and asked exchanges to report in detail on deposit operation and rate calculation methods.