South Korea’s Bithumb cryptocurrency exchange is considering re-appointing CEO Lee Jae-won as the company moves closer to its planned initial public offering (IPO), according to reports. Lee’s two-year term as CEO is set to expire later this month, but industry experts predict that he will be reappointed as the exchange aims to expedite its IPO plans. Bithumb aims to become the first crypto exchange to go public on the Korea Exchange and has developed plans to separate some of its operations into a separate company to facilitate the process. Lee took over as CEO in May 2022 after leading the firm’s global operations. Bithumb previously attempted to launch an IPO in 2020, but the effort was abandoned due to concerns about the company’s governance structure and an investigation into fraud charges against former board chairman Lee Jeong-hoon. However, Bithumb revived its IPO plans in November 2023. The exchange is currently focusing on ensuring compliance with the Act on the Protection of Virtual Asset Users, which will come into effect on July 19, 2024, before proceeding with the spin-off. Despite temporarily eliminating commission fees and temporarily surpassing rival Upbit’s trading volumes during the crypto winter, Bithumb has since fallen behind Upbit again after reinstating the fees. However, insiders believe that Lee still has the support of Lee Jeong-hoon, who may soon return to the Bithumb board of directors.
