Bithumb in South Korea Considers Re-appointing CEO as Exchange Moves Closer to IPO

Bithumb Crypto Exchange Potential CEO Reappointment

South Korea’s Bithumb crypto exchange is considering re-appointing its CEO Lee Jae-won as part of its efforts to proceed with its planned IPO. Industry insiders anticipate Lee’s reappointment to ensure continuity in the exchange’s strategic plans.

Bithumb’s IPO Aspirations

Bithumb aims to become the first crypto exchange to go public on the Korea Exchange. To expedite this process, the company is contemplating spinning off some of its operations into a separate entity.

CEO Lee’s Background and Previous IPO Attempt

Lee assumed the role of Bithumb CEO in May 2022 after leading the firm’s global operations. He previously spearheaded an IPO initiative in 2020, which was halted due to concerns about the company’s governance structure. Despite challenges, Bithumb revived its IPO plans in November last year.

Compliance Focus and Operational Changes

Bithumb is currently focusing on ensuring compliance with the Act on the Protection of Virtual Asset Users, set to take effect in July 2024. This regulatory priority may temporarily delay the planned spin-off. CEO Lee’s leadership, including the decision to waive commission fees during a challenging market period, has been instrumental in the exchange’s performance.

Market Performance and Future Prospects

Although Bithumb briefly surpassed Upbit in trading volumes after removing commission fees, it has since fallen behind. However, the exchange continues to maintain high trading volumes. Insiders suggest that Lee enjoys support from Lee Jeong-hoon, the former Bithumb board chairman, hinting at a potential return to the board of directors.