South Korean cryptocurrency exchange Bithumb plans to extend the term of its chief executive despite a string of severe regulatory and operational failures. The company will vote on the reappointment of Lee Jae-won at its shareholder meeting on 31 Mar, according to The Korea Times.
The proposed two-year extension for Lee arrives as domestic authorities aggressively tighten oversight of the digital asset sector. Regulators are actively advancing a 20% ownership cap for exchange operators to curb monopolistic behaviour and enforce stricter governance controls across the market, detailed in the report.
The leadership endorsement follows a chaotic period for the platform. An operational glitch last month saw an employee mistakenly distribute 620,000 Bitcoin to retail users. The exchange is also navigating severe regulatory pushback, having recently received a six-month partial suspension and a $25mn fine for violating domestic anti-money laundering protocols.
