South Korea’s top cryptocurrency exchange, Bithumb, is finally making progress toward its long-awaited initial public offering (IPO). After years of legal setbacks, the company has cleared a major hurdle, bringing it one step closer to a potential stock market debut in 2025.
Bithumb’s IPO plans were stalled for years due to a legal case involving its former chairman, Lee Jung-hoon. Accused of fraud, Lee’s case created uncertainty around the company’s future. However, South Korea’s Supreme Court has now ruled in his favor, removing a key legal obstacle. With this issue resolved, Bithumb is pushing ahead with its IPO preparations.
Will Bithumb finally make it to the stock market, or are there more hurdles ahead? Here’s a closer look at what’s next.
Bithumb first started planning its IPO in 2020 but had to pause due to legal troubles. Now, with a fresh start, the company is moving quickly. It has chosen Samsung Securities to manage the offering and is considering a NASDAQ listing, following the example of major global exchanges like Coinbase and Coincheck.
South Korea’s changing approach to cryptocurrency regulations could further boost Bithumb’s IPO efforts. Until now, strict rules have kept banks and large companies from investing in crypto. However, regulators are expected to ease these restrictions later this year, allowing institutional investors to enter the market.
A pilot program is set to begin soon, giving select institutions limited access to crypto investments. If successful, it could pave the way for South Korean firms to hold Bitcoin and other digital assets, bringing fresh capital into the industry – something that would benefit exchanges like Bithumb.
To further support its IPO ambitions, Bithumb has partnered with KB Kookmin Bank, South Korea’s largest banking institution. This partnership could help attract more corporate clients and strengthen Bithumb’s credibility as it prepares to go public. Meanwhile, its biggest competitor, Upbit, has partnered with K Bank, which is also planning an IPO.
Despite these positive developments, Bithumb still faces some hurdles. Regulators are currently investigating the exchange for possible anti-money laundering (AML) violations, and any penalties could impact its IPO timeline. There are also lingering questions about Bithumb’s ownership structure, particularly the involvement of businessman Kang Jong-hyun.
Still, Bithumb is optimistic. The company sees its IPO as a chance to regain investor trust and attract new backers. If it can overcome these final challenges, its public listing could be a major milestone for South Korea’s crypto industry.
The road to an IPO hasn’t been easy for Bithumb, but with fresh momentum and big players backing it, the exchange might just pull it off.
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