Kim Ki-bum, a government-relations veteran, takes helm of Bithumb Holdings

New chief seen as close ally of former Chairman Lee Jung-hoon

Lee Jae-won steps down from holding company to focus solely on exchange

Kim Ki-bum, chief executive of Bithumb Holdings. Provided by Bithumb
Kim Ki-bum, chief executive of Bithumb Holdings. Provided by Bithumb

Bithumb Holdings, the holding company of South Korea's Bithumb cryptocurrency exchange, has replaced its top executive — a move analysts see as a bid to strengthen regulatory engagement and external communications as the company navigates sweeping policy changes and prepares for a public listing.

According to court registry filings, Kim Ki-bum, formerly Bithumb's head of external affairs, was appointed as an inside director and chief executive of Bithumb Holdings on Aug. 25. Lee Jae-won, who had concurrently served as chief executive of both Bithumb and Bithumb Holdings, stepped down from both roles at the holding company on the same day.

Kim, born in 1976, holds a bachelor's degree in law from Chungbuk National University and a master's degree in business administration from Sungkyunkwan University. He began his career in 2004 as head of the legal team at Itembay, a game-item trading brokerage, and later served as policy director at the Digital Asset Distribution Promotion Association.

In 2008, he joined IMI — the operator of Itemmania, a game-item trading platform founded by former Bithumb Chairman Lee Jung-hoon — where he served as director of the legal and external affairs division and head of the strategic business unit. He subsequently moved to Bithumb, where he built his career in external affairs, legal matters and policy response.

Kim is widely regarded as a close associate of former Bithumb Holdings Chairman Lee Jung-hoon. "There has been a tendency for people with deep ties to former Chairman Lee to lead Bithumb Holdings," one industry insider said. Lee Jae-won is also an IMI alumnus, and Bithumb co-founder and Vice President Lee Jung-ah — who has served as Bithumb Holdings chief executive twice — has similarly been seen as a close ally of the former chairman.

Industry observers view Kim's appointment as a signal that Bithumb is placing greater weight on government relations and policy response. The company faces a series of regulatory shifts, including legislation on a basic digital asset law and virtual asset taxation, and has set its sights on an initial public offering in 2028 — making communication with regulators increasingly critical. Bithumb plans to complete the strengthening of its internal control framework and its transition to Korean International Financial Reporting Standards by the end of this year, file a preliminary listing review application next year, and complete the IPO in 2028.

Former Chairman Lee is currently designated as the "controlling individual" of the Bithumb corporate group — a term referring to the person or entity that effectively controls a conglomerate. Lee holds a 4.46 percent stake in Bithumb Holdings directly, but when shares held by affiliated companies and registered executives are included, the controlling individual's combined stake exceeds a majority.

Bithumb Holdings is Bithumb's largest shareholder with a 73.56 percent stake and serves as the group's holding company. Among Bithumb's other major shareholders, Vidente holds 10.22 percent and T Scientific holds 7.17 percent. Other shareholders account for 8.86 percent, with treasury shares at 0.19 percent.

Beyond its Bithumb stake, Bithumb Holdings also holds a 73.56 percent stake in Bithumb Asset, a 100 percent stake in Bithumb Investment and a 33.17 percent stake in Code. Bithumb Asset was spun off from Bithumb last year as a newly established entity responsible for holding company operations and investment activities.

Bithumb said Lee Jae-won stepped down from his directorship at Bithumb Holdings "to maximize Bithumb's management capabilities ahead of sweeping institutional changes across the virtual asset industry, including the enactment of the Digital Asset Basic Act." The company added that Lee "plans to focus on strengthening the company's fundamentals at this critical juncture as market competition intensifies."

Meanwhile, Bithumb Holdings also appointed Park Do-hyun, a senior attorney at law firm Urim, as an inside director alongside the leadership reshuffle. Bithumb Holdings now has four inside directors: former Chairman Lee Jung-hoon, Director Choi Dae-yeol, Chief Executive Kim Ki-bum and Director Park Do-hyun.


kyoung@heraldcorp.com