Bithumb, South Korea's leading crypto exchange, is gearing up for a public offering and its CEO, Lee Jae-won, might be staying on board to steer the ship. With the IPO finish line in sight, Lee's leadership and experience are seen as crucial for navigating the regulatory waters.

Lee: Captain at the Helm of Bithumb's IPO Voyage

Lee's current term ends this month, but industry whispers suggest a re-appointment is on the horizon. This move prioritizes continuity as Bithumb races towards becoming the first crypto exchange to list on the Korea Exchange.

To expedite the process, Bithumb is reportedly planning a strategic spin-off. This strategy echoes Lee's prior attempt at an IPO in 2020, which was ultimately scuttled by concerns over Bithumb's governance structure and an investigation into the former chairman. Lee, however, has been acquitted of any wrongdoing, paving the way for a fresh IPO run.

Compliance First: Hitting the Brakes on Spin-off Plans

While the spin-off remains on the table, Bithumb seems to be prioritizing compliance with stricter regulations coming into effect in July. This new legislation puts user protection at the forefront, and ensuring compliance takes precedence over restructuring for now.

Zero Fees, Hero Lee: A Short-Lived Glory

Lee's prior stint as CEO is credited with reviving Bithumb during a crypto winter. His bold move of temporarily eliminating commission fees saw trading volumes surge, briefly surpassing rival Upbit. However, the return of fees pushed Bithumb back into second place, although volumes have remained healthy.

Lee Jeong-hoon: A Potential Powerhouse Return?

Industry insiders hint at the possible return of Lee Jeong-hoon, the former chairman, to Bithumb's board. Lee Jae-won's continued leadership, coupled with Lee Jeong-hoon's potential comeback, could position Bithumb for a dominant role in the upcoming Korean crypto IPO race.