| Mobile Web

Search results for FTC

Crypto

Korea FTC orders Dunamu to correct ads over allegedly false, exaggerated fee rate discounts

South Korea\'s Fair Trade Commission ordered Dunamu, operator of the digital asset exchange Upbit, to take corrective action over advertising it said falsely and exaggeratedly promoted transaction fee discounts. The FTC said Dunamu advertised a cut in the fee rate from 0.139 percent to 0.05 percent despite never applying 0.139 percent for regular orders. It also said Dunamu marketed the rate as a limited-time benefit, but the 0.05 percent rate had been continuously applied since launch.

Games & Commerce

FTC seeks more data as review speeds up on Naver Financial-Dunamu merger

South Korea’s Fair Trade Commission has asked Naver Financial and Dunamu to submit additional materials related to its review of their business combination, industry sources said. The FTC began examining the filing received on Nov. 28 and can extend its initial 30-day review by up to 90 days, with the statutory deadline estimated at March 28. Any time taken to correct submitted 자료 is excluded, and a conclusion is expected as early as May.

Industry

Lotte Shopping fined for unfair practices toward suppliers at Lotte Mart, FTC says

South Korea’s Fair Trade Commission said on March 15 it decided to fine Lotte Shopping 569 million won for violating the law governing fair trade in large-scale retail distribution. The watchdog said Lotte Shopping failed to promptly issue contracts, paid suppliers after statutory deadlines without paying about 34 million won in late interest, and returned goods without required documentation. It also found improper employee dispatch before agreements were signed.