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- South Korea’s leading crypto exchange, Bithumb, is reportedly considering re-appointing its CEO Lee Jae-won as it gears up for an Initial Public Offering (IPO).
- Lee’s tenure, which has been marked by a significant turnaround in the exchange’s fortunes, is set to expire later this month.
- The move comes as Bithumb seeks to become the first crypto exchange to go public on the Korea Exchange.
South Korea’s Bithumb crypto exchange is speculated to re-appoint CEO Lee Jae-won amidst its plans for an IPO. The move is seen as a strategic decision to maintain continuity and stability.
Bithumb’s Ambitious IPO Plans
Bithumb, one of South Korea’s leading crypto exchanges, is reportedly planning to re-appoint its CEO Lee Jae-won. This decision comes as the exchange is preparing for its planned IPO. Lee’s two-year term as Bithumb’s CEO is set to expire later this month. However, industry insiders believe he will be re-appointed as the firm aims to expedite its public offering plans.
First Crypto Exchange to Go Public
Bithumb aspires to become the first crypto exchange to go public on the Korea Exchange. To facilitate this process, the firm has developed plans to spin off some of its operations into a separate company. Lee, who became the CEO of Bithumb in May 2022, previously attempted to launch an IPO in 2020. However, this bid was eventually shelved due to concerns about the firm’s “opaque governance structure” and a prosecution service investigation into fraud charges against the former board chairman.
Compliance Takes Center Stage
Despite the plans for a spin-off, Bithumb is likely to prioritize compliance with the Act on the Protection of Virtual Asset Users, which will take effect from July 19, 2024. As the firm seeks continuity in its IPO strategy, it seems unlikely that CEO Lee will be replaced. Lee has been credited with turning the exchange’s fortunes around during the crypto winter by temporarily waiving commission fees. This move briefly saw Bithumb’s trading volumes surpass those of the market-leading Upbit exchange.
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Conclusion
As Bithumb gears up for its IPO, the re-appointment of CEO Lee Jae-won appears to be a strategic move to maintain continuity and stability. With Lee’s leadership, the exchange has managed to navigate through challenging times and is now poised to make history as the first crypto exchange to go public on the Korea Exchange.
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