JPYC, a token that is supposed to hold a peg, traded at four times that peg on the South Korean exchange Upbit this month. Cointelegraph reported on Sep 28, 2026 that the spike has led South Korean regulators to reconsider how they treat crypto market makers.
Under South Korea's market manipulation rules, crypto market making is effectively restricted. Regulators are now reconsidering that approach because of the JPYC spike. The report does not say what a new approach would look like.
Several things are not yet known from the report. It does not say how long JPYC stayed away from its peg, which regulator is leading the review, or whether there is any timeline for a decision. No rule has changed so far. Regulators are only reconsidering the approach.
Perp Desk tracks what it costs to hold perpetual futures on Bitget, Bybit, MEXC and OKX. None of these exchanges appears in the story. The price spike happened on Upbit, and no rule has changed. For someone already holding a perpetual position on these four venues, this changes nothing directly: not funding, not fees, not liquidity.
Source: cointelegraph — South Korea weighs crypto market makers after JPYC trades at 4 times peg