What Bithumb is
Founded in 2014 in Seoul (Gangnam district), Bithumb is one of South Korea's largest cryptocurrency exchanges, second by volume after Upbit. It operates almost exclusively in Korean won: by law customers must link a real-name Korean bank account, which makes it effectively inaccessible to EU users. On 31 July 2025 the company split into two entities: Bithumb Korea, which runs the exchange and is targeting a stock market listing, and Bithumb A, which gathers investments and new initiatives (Verified: September 2026). The roadmap updated in August 2026 sets the IPO target at 2028, with a preliminary listing review in 2027, looking first to Korea's Kosdaq and only secondarily to Nasdaq.
Regulation and licences
- MiCA: not applicable — Bithumb does not offer services in the European Union; it serves the Korean market alone with a real-name bank account requirement (Verified: September 2026).
- In South Korea: a VASP operator registered with the Korean Financial Intelligence Unit (FIU).
- AML penalty: in March 2026 the FIU fined Bithumb 36.8 billion won (around 24 million dollars) and imposed a partial six-month suspension of services to new customers for anti-money-laundering violations; CEO Lee Jae-won received a formal reprimand and publicly acknowledged "a shortcoming in internal controls" (Verified: October 2026).
- The CEO of Bithumb Korea, Lee Jae-won, was reconfirmed for a second term by the shareholders' meeting in March 2026; in 2026 he was entered into the register of suspects in an investigation over alleged corruption linked to a hiring — proceedings ongoing, no conviction (Verified: September 2026).
Security
- Bithumb suffered several breaches between 2017 and 2019, including a theft in June 2018 (partially recovered) and a shortfall attributed to an insider in 2019. Users were compensated by the company and the platform subsequently strengthened its controls; there are no significant breaches in recent years.
- In February 2026 an internal accounting error mistakenly credited hundreds of users with fictitious bitcoin balances: 2,000 BTC each instead of a 2,000-won reward. Attempts to sell them sent the price of bitcoin crashing for a few minutes on Bithumb alone. The company froze the accounts involved, ruled out an external attack and stated that customer funds were safe. The Korean press cited the episode among the sources of friction over the CEO's reconfirmation.
Alternatives
For EU readers (Bithumb is not accessible from the EU), profiles of MiCA-authorised exchanges:
- Kraken — full MiCA licence via the Central Bank of Ireland.
- Bybit — Austrian MiCA licence (FMA, May 2025).
FAQ
Can I use Bithumb from the EU? No: Bithumb requires a real-name Korean bank account and does not serve the European market. It nonetheless remains one of the leading Asian operators.
Will Bithumb list on the stock market? That is the stated goal: after the July 2025 split (Bithumb Korea + Bithumb A), the August 2026 roadmap targets a listing in 2028, with a preliminary review in 2027, first on Korea's Kosdaq.
Who leads Bithumb today? Lee Jae-won, CEO of Bithumb Korea, reconfirmed for a second term in March 2026.
Verified sources
- https://www.coindesk.com/markets/2025/04/22/bithumb-to-split-in-two-as-crypto-exchange-inc
- https://www.coindesk.com/business/2026/08/03/bithumb-now-targets-2028-ip-after-major-inter
- https://www.digitaltoday.co.kr/en/view/44116/bithumb-confirms-lee-jae-won-second-term-ipo-
- https://financefeeds.com/bithumb-ceo-reappointment-amid-aml-fines/
- https://www.coindesk.com/business/2026/02/06/bitcoin-crashed-to-usd55-000-on-bithumb-after
- https://www.coindesk.com/business/2026/03/16/south-korea-fines-bithumb-usd24-million-order
Leadership
LJ
