South Korea’s Bithumb May Re-appoint CEO as Exchange Edges Toward IPO

South Korea’s Bithumb cryptocurrency exchange is considering re-appointing Lee Jae-won as CEO as the company prepares for its initial public offering (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 to expedite the IPO process. Bithumb aims to become the first crypto exchange to go public on the Korea Exchange and has devised plans to spin off some of its operations into a separate entity to facilitate this. Lee previously served as the head of Bithumb’s global operations and led a failed IPO attempt in 2020 due to concerns about the company’s governance structure and a fraud investigation involving the former board chairman, Lee Jeong-hoon. Lee Jeong-hoon has since been cleared of charges, and Bithumb revived its IPO plans last year. However, compliance with the Act on the Protection of Virtual Asset Users will temporarily take precedence over the planned spin-off. Despite this delay, it is unlikely that CEO Lee will be replaced, as the company seeks continuity in its IPO strategy and Lee’s successful initiatives, such as temporarily eliminating commission fees, which boosted Bithumb’s trading volumes. Additionally, it is speculated that Lee Jeong-hoon may return to the Bithumb board of directors, further supporting Lee’s position as CEO.