Bithumb, South Korea’s second-largest cryptocurrency exchange, is seeking to reappoint CEO Lee Jae-won despite anti-money laundering failures and a promotional payout error. The decision will be finalized at the shareholders’ meeting on March 31.
In March, South Korea’s Financial Intelligence Unit fined Bithumb $24.2 million and imposed a six-month partial suspension for alleged compliance violations. Additionally, a February incident saw Bithumb mistakenly credit users with 2,000 Bitcoin each instead of Korean won during a promotion. Ongoing investigations could impact its service provider license renewal.
The South Korean crypto industry continues to grow under President Lee Jae-myung’s pro-crypto policies, including legislation to legalize stablecoins. Crypto exchange users now exceed 16 million, over 30% of the population.
