Bithumb, South Korea’s Exchange, Nearing IPO, Contemplates CEO Reinstatement

South Korea’s Bithumb cryptocurrency exchange is considering re-appointing CEO Lee Jae-won as it moves closer to its planned IPO. Lee’s current two-year term as CEO is set to expire later this month, but industry experts speculate that he will be reappointed in order to accelerate the exchange’s public offering plans. Bithumb aims to become the first crypto exchange to go public on the Korea Exchange and has devised plans to separate some of its operations into a separate company to expedite the process. Lee previously led an unsuccessful attempt to launch an IPO in 2020 due to concerns about the firm’s governance structure. However, the company revived its IPO plans in November last year. Bithumb is also prioritizing compliance with the Act on the Protection of Virtual Asset Users, which will come into effect on July 19, 2024, potentially causing a delay in the spin-off plans. Lee’s leadership has been credited with improving Bithumb’s performance by temporarily eliminating commission fees during the crypto winter, resulting in higher trading volumes. Insiders believe that Lee still has the support of Lee Jeong-hoon, the former chairman of Bithumb Holdings and Bithumb Korea, who may return to the Bithumb board of directors.