Bithumb CEO Faces Bribery Charges Amidst Broader Corruption Probe
- South Korean police have booked Bithumb CEO Lee Jae-won on suspicion of bribery for allegedly hiring the relative of National Assembly member Kim Byung-ki.
- Kim, an independent lawmaker, allegedly requested the hiring while serving on a committee overseeing financial regulation.
- Police raided Bithumb headquarters twice in February and June as part of the investigation.
- Bithumb received a $24.5 million fine and six-month partial suspension order from financial regulators in March for compliance deficiencies.
- The exchange processed $441 million in trading volume over the past day, competing directly with Dunamu-operated Upbit.
The bribery allegations against Bithumb CEO Lee Jae-won are part of a larger corruption investigation involving National Assembly member Kim Byung-ki, who faces multiple suspicions including nomination bribery. The case highlights ongoing regulatory challenges in South Korea’s digital asset sector.
Bithumb’s legal issues extend beyond the bribery case, as it challenges a significant fine and business suspension related to compliance failures, amidst intense competition with Dunamu-operated Upbit for market dominance. Source
