Bithumb, South Korea’s second-largest cryptocurrency exchange, is reportedly seeking to reappoint its CEO, Lee Jae-won, for another two-year term. The move comes despite recent regulatory issues, including a $24.2 million fine and a partial suspension for alleged anti-money laundering failures. A shareholders’ vote on the proposal is scheduled for March 31.
Bithumb is reportedly moving to reappoint its current CEO, Lee Jae-won. The exchange’s regular shareholders’ meeting will be held on March 31, and a proposal to keep Lee in the top job will be put to a vote.
His current term expires this month, and a successful renewal would extend his tenure by two years. Upbit is the top South Korean crypto exchange by trading volume, followed by Bithumb and Korbit, according to data.
In March, South Korea’s Financial Intelligence Unit issued Bithumb a six-month partial suspension and a $24.2 million fine. The exchange will be banned from processing external crypto transfers for new customers from March 27 to late September.
The exchange also drew regulatory attention in February for mistakenly crediting users with Bitcoin instead of a small cash promotion. Bithumb is awaiting the outcome of another probe into its order book sharing with an overseas platform.
“Bithumb will be on edge awaiting the results of ongoing regulatory probes, as the company still needs to renew its virtual asset service provider license,” an industry official said. More penalties could pose a hurdle to these license renewals.
The broader South Korean crypto industry has benefited from a friendlier environment after last year’s presidential election. President Lee Jae-myung has pushed forward with various crypto-related laws, including a bill to legalize stablecoins.
Cryptocurrency exchange users in the country recently surpassed 16 million. The market in South Korea is projected to reach $1.3 billion in revenue in 2026, according to an online data platform.
