Bithumb (BT) Eyes IPO: South Korea’s Leading Crypto Exchange Considers CEO Reappointment

  • 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.

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.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Important Update: Binance Delisting GFT, IRIS, KEY, OAX, REN Cryptocurrencies on 12/10/2024

Binance to Delist GFT, IRIS, KEY, OAX, REN on...

DOGE Whale Makes Waves: Withdraws and Deposits $4.85 Million, Realizing $3.17 Million Profit

According to recent data from COINOTAG, significant movements in...

Binance Unveils BFUSD: The Groundbreaking Interest-Bearing Asset for Futures Trading

COINOTAG News reports on November 26th that Binance has...

Bitcoin Long-Term Holders Trigger Unprecedented Sell-Off in November 2024, Exceeding 366,000 BTC

According to recent data from Glassnode, significant activity has...

Peter Schiff Slams Bitcoin-Friendly Policies: Warns Against Selling Gold to Invest in Bitcoin

In a recent statement on the social media platform...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img