Jeon Yong-gi "Opposes Upbit Move by Deputy Director of FSC... Must Stop at Ethics Committee"

"Geumpia Phenomenon Causes Such Situation," Criticism Raised

[Image source=Yonhap News]

[Asia Economy Reporter Jin-ho Kim] Jeon Yong-gi, a member of the Democratic Party of Korea, urged on the 27th that "the Government Official Ethics Committee must reach a conclusion of disqualification" regarding the controversy over the Financial Supervisory Service (FSS) deputy director's move to a cryptocurrency exchange.

Jeon stated on his Facebook that "the FSS deputy director submitted a resignation letter saying he would move to 'Upbit,' the largest cryptocurrency exchange in Korea," and strongly criticized, "This clearly shows throwing away public official ethics for greater profit despite already receiving a high salary."

According to the FSS, Deputy Director A, who belonged to the Fintech Field Advisory Group, was processed for retirement on the 25th. Deputy Director A is awaiting review by the Government Official Ethics Committee to join Upbit.

Jeon insisted, "The Government Official Ethics Committee must reach a conclusion of 'disqualification' in this case," adding, "The fairness that young people appeal for and our society must protect begins with upholding common-sense standards."

He pointed out that the so-called "Geumpia" (a portmanteau of Finance and Mafia), where former executives from the Financial Services Commission and FSS are re-employed by financial institutions, has led to this situation. Jeon emphasized, "Just looking at Financial Services Commission Chairman Eun Sung-soo's remarks last month shows how much the market fluctuates with a single word from a high-ranking financial official," and warned, "If the regulatory edge is dulled by strong connections from former regulatory agency personnel, the damage will ultimately fall on consumers and the public."

This content was produced with the assistance of AI translation services.