Bithumb Korea’s Bold IPO Move: Ready to Dethrone Upbit’s Reign?

"Bithumb Undergoes Leadership Shake-Up Ahead of IPO: Ex-Chairman Reinstated, CEO Removed Amid Coin Listing Accusations"

Bithumb, one of South Korea’s largest cryptocurrency exchanges, is making significant changes to its leadership structure as it prepares for an initial public offering (IPO). The company has reinstated ex-Chairman Lee Jung-hoon as a registered director at Bithumb Holdings, while CEO Lee Sang-jun has been removed from the board amid accusations of soliciting coin listings. Jaewon Lee, the CEO of Bithumb Korea, will now jointly manage the CEO responsibilities at Bithumb Holdings.

These leadership changes are part of Bithumb’s strategic efforts to enhance governance and management transparency. With financial assets totaling over 400 billion won, the exchange is in a strong position and does not require external capital to fund its operations.

To further strengthen its market position and rebuild trust following past scandals and regulatory challenges, Bithumb has partnered with Samsung Securities to serve as the underwriter for its IPO. This decision aligns with the company’s aim to challenge Upbit’s current market leadership and achieve long-term growth objectives.

The IPO is scheduled for the second half of 2025 and is seen as a crucial step for Bithumb. The establishment of Bithumb Holdings and the selection of an underwriter demonstrate the company’s commitment to responsible management and its determination to succeed in the highly competitive cryptocurrency market.

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Martin Reid

Martin Reid

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