Major Korean banks are pushing for a change in the regulations governing cryptocurrency exchanges, demanding the end of exclusive agreements with single banking partners. These institutions argue that the current system stifles competition and hinders growth within the digital asset market. A meeting with lawmakers saw executives from prominent banks like KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, Jeonbuk Bank, and Toss Bank call for a reform of this rule. They believe allowing exchanges to partner with multiple banks would increase consumer options and cater to the growing demand from institutions. 1 They cite an example of how the dominance of K-Bank after partnering with Upbit, the largest crypto exchange in South Korea, illustrates the current system’s drawbacks.