PANews, March 22 — According to The Korea Times, despite recent scandals involving the cryptocurrency exchange Bithumb, including a Bitcoin misdistribution incident last month, the company plans to renew the term of CEO Lee Jae-won. Industry insiders revealed that Bithumb will hold its regular shareholders’ meeting on March 31, where a proposal to extend his term will be voted on. Lee’s current term ends this month, and if approved, he will receive a new two-year term. Bithumb has previously been severely penalized by the Financial Intelligence Unit (FIU), under the Financial Services Commission, for violations of anti-money laundering regulations, including a six-month partial suspension of operations and a fine of 36.8 billion Korean won (approximately $24 million). The penalties also included a formal warning to the CEO and a six-month suspension of the reporting officer. In addition to these sanctions, Bithumb is still awaiting the results of an investigation into its sharing of order books with overseas platforms.
Bithumb Plans to Extend CEO's Tenure Despite Bitcoin Misdistribution and Regulatory Fines
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Summary
Bithumb plans to extend the tenure of CEO Lee Jae-won despite a Bitcoin misdistribution scandal and regulatory fines. The exchange will hold a shareholders’ meeting on March 31 to vote on the proposal. Lee’s current term ends this month. If approved, he will serve an additional two years. Bithumb was previously penalized by the FIU for CFT and AML violations, resulting in a 368 billion won fine and a six-month suspension. An investigation into its order-book sharing with foreign platforms is still ongoing. The move comes amid ongoing concerns about liquidity and the stability of crypto markets.
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