Bithumb Set to Seek CEO Term Renewal as It Faces Fallout From Bitcoin Error and AML Penalties

PANews, March 22 — Bithumb is moving to extend the tenure of CEO Lee Jaewon despite a series of recent controversies, including a Bitcoin misdistribution incident last month, The Korea Times reported. People familiar with the matter said the exchange will hold its regular shareholders' meeting on March 31, when investors will vote on a proposal to renew Lee's term. His current term expires this month. If approved, he would begin a new two-year term. Bithumb previously received heavy sanctions from the Financial Intelligence Unit (FIU) under the Financial Services Commission for breaches of anti-money-laundering rules. The measures included a six-month partial suspension of business operations and a 36.8 billion won fine (about $24 million). Regulators also issued a formal warning to the CEO and imposed a six-month suspension on the reporting officer. Separately, Bithumb is still awaiting the outcome of an investigation into its sharing of order books with overseas platforms.