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Shareholders of South Korea’s leading cryptocurrency exchange Bithumb seek to sell 74% of shares with a minimum price of US$430 million
On September 22, Bithumb Holdings, the operator of Bithumb, South Korea’s leading cryptocurrency exchange, is seeking to sell 74% of its shares, with a maximum price of US$602 million and a minimum price of US$430 million.
Local media Herald Kyungjae quoted sources as saying that Bithumb Holdings has appointed accounting firm Samjong KPMG (a joint venture jointly operated by KPMG KPMG, one of the “big four” accounting firms) as the broker for this equity sale.
However, selling Bithumb shares is not easy. According to Cryptonews, regulatory issues may make some buyers feel uneasy, because the country’s virtual asset service provider (VASP) will receive stricter supervision from March next year.
“In addition, the South Korean police confiscated part of the company’s chairman Lee Jong-hoon (Lee Jong-hoon). According to reports, Lee Jong-hoon has been charged with fraud and embezzlement of public funds and is being questioned.”
According to people familiar with the matter, Bithumb’s complex governance structure, management disputes and conflicts of interest between shareholders “have long hindered the development of the exchange”, and current shareholders want to separate from the company.
According to CMC data, the current 24-hour trading volume of Bithumb Exchange is 217 million US dollars, ranking fifth in the world.