South Korea's antitrust regulator is pressing ahead with its investigation into Coupang, the U.S.-listed e-commerce giant, after a local court last week rejected the company's bid to halt an on-site inspection. Ju Biung-ghi, chairman of the Fair Trade Commission (FTC), declared on Tuesday, 29 September that the agency would work to 'restore justice' in the wake of the court's ruling, signalling a renewed push against one of South Korea's most dominant online retailers.

What the FTC Chairman Said

Speaking during an interview with local radio broadcaster CBS, Ju made clear the commission's resolve to move forward. 'Coupang deals with various vendors, and the company could be subject to regulatory action if it has imposed unfavourable terms on them,' he said.

He expressed relief at the court's decision, adding: 'It is a relief the judge handling the case ruled in favour of the public interest, including the rights of the economically vulnerable and hundreds of thousands of small merchants. We will continue to make efforts to restore justice undermined by the stalled probe into Coupang.'

Earlier this month, at a separate press conference, Ju had described the court's temporary disruption of the FTC's investigation as 'regrettable.'

How the Probe Was Stalled — and Revived

The investigation centres on allegations that Coupang shifted the costs of discounts onto its suppliers — a practice that, if proven, could constitute unfair trade conduct under South Korean competition law. Last month, Coupang refused to cooperate with the watchdog's on-site inspection and sought a court order to suspend it.

The court initially granted a temporary suspension of the FTC's on-site probe, delivering a short-term reprieve to the company. However, the same court ultimately rejected Coupang's broader request to halt the investigation entirely, clearing the path for regulators to resume their work. The reversal is a significant procedural win for the FTC and a setback for Coupang, which had sought to use the judiciary to delay regulatory scrutiny.

Coupang's Financial Troubles Mount

The regulatory pressure comes as Coupang grapples with a sharp deterioration in its financial performance. In the second quarter ending June 2026, the company swung to a net loss of 865 billion won (approximately US$570 million), compared with a net profit of 43.5 billion won in the same period a year earlier, according to the company's own press release.

The steep reversal was largely attributed to fines linked to a massive data breach disclosed in November 2025, which reportedly exposed the personal data of more than 37 million customers — a figure that triggered strong public backlash in South Korea. Coupang generates the bulk of its revenue from its Korean operations, making domestic regulatory and reputational headwinds particularly consequential for its bottom line.

Broader Context and What Comes Next

This is not the first time a major e-commerce platform has faced antitrust scrutiny over its treatment of third-party sellers and suppliers. Regulators across Asia and Europe have increasingly focused on whether dominant online marketplaces use their position to impose unfavourable commercial terms on smaller merchants — a concern that sits at the heart of the FTC's current investigation.

For Coupang, the combination of an active antitrust probe, a landmark data-breach fine, and a net loss exceeding half a billion dollars in a single quarter marks a turbulent period. The FTC is expected to proceed with its on-site inspection and could announce formal regulatory action if the evidence supports the allegations. How aggressively the commission pursues the case — and whether Coupang mounts further legal challenges — will determine the timeline for any resolution.