In a move to regain market dominance, South Korea’s Bithumb is paving the way for an unprecedented Initial Public Offering (IPO) in the crypto exchange industry. This strategic decision emerges as a direct challenge to Upbit, currently the market leader with about an 85% share.
Bithumb’s initiative underscores a pivotal shift towards restoring trust and authority in the company’s operations.
Bithumb Moves Forward With Crypto Exchange IPO Plans
Although the focus is initially on a KOSDAQ listing, there remains an open possibility of transitioning to the KOSPI securities market. This move, rather than being a mere financial maneuver, signifies Bithumb’s commitment to enhancing its corporate governance and management transparency.
At the heart of this transformation is the company’s former Chairman, Lee Jeong-hoon. Bithumb Holdings has now reinstated Jeong-hoon as a registered director.
This change in leadership is accompanied by an executive reshuffle with Lee Sang-jun, CEO of Bithumb Holdings, being replaced. The CEO role is now consolidated under Jaewon Lee, who is expected to spearhead the IPO.
This restructuring within Bithumb comes at a crucial time for the company. Earlier this year, Lee Jung-hoon, the company’s founder, walked free from a $70 million fraud trial involving BXA tokens.
The Seoul Central District Court, led by Judge Kang Gyu-Tae, found no guilt in Lee’s actions. Kang Gyu-Tae eventually dismissed allegations of his involvement in a fraudulent transaction dating back to 2018. The ruling has played a significant role in stabilizing the company’s public image.
At the time, the exchange issued the following statement:
“Bithumb is operated under a system of professional managers, and former Chairman Lee Jeong-hoon is not involved in the management of Bithumb.”
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