Seoul: South Korea's antitrust regulator announced Monday that it has levied fines amounting to over 1.16 trillion won (US$831.5 million) in the past two and a half years due to breaches of market regulations, underscoring the Yoon Suk Yeol administration's commitment to fostering fair trade practices. The findings were detailed in a report by the Fair Trade Commission (FTC) to commemorate the halfway point of Yoon's five-year term, which occurred on Sunday.According to Yonhap News Agency, the FTC has identified and addressed 5,837 instances of market misconduct in key sectors vital to the country's economic advancement. Of these, fines totaling around 1.16 trillion won were issued in 289 cases between May 2022 and November 2024. The commission also emphasized its efforts to bolster fair trade practices and enhance consumer rights, particularly focusing on supporting small and medium-sized enterprises.The FTC's initiatives included tackling unfair business practices against franchise operations and reinfo rcing punitive measures for violations, such as the unauthorized use of proprietary technology. Furthermore, the commission has streamlined several regulations to alleviate inconvenience and reduce burdens on businesses. Notable regulatory changes involved revising rules that limit competition, affecting large retail stores, vehicle-sharing, and rental services."We have worked to stabilize livelihoods and create a foundation for greater market efficiency and dynamism," stated FTC Vice Chairperson Cho Hong-sun during a press briefing. Cho added that the agency will continue to prioritize issues related to people's livelihoods, such as e-commerce platforms. In the latter part of the Yoon administration, the agency plans to concentrate on legislation ensuring that online intermediary platforms adhere to payment deadlines for their partner merchants.The FTC also aims to enhance the accountability of platform operators and monitor violations related to subscription-based services.
- October 12, 2026
