Crypto Exchanges
By Pankaj K
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Raids, Suspects, and a Pattern of Scrutiny. Bithumb's offices have seen police more than once this year.
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A Long History of Legal Trouble. It's worth being clear: this isn't Bithumb's first run-in with South Korean law enforcement.
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South Korean police have booked Bithumb CEO Lee Jae-won on bribery allegations. He's accused of offering employment to a lawmaker's son in exchange for legislative help — a deal…
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The alleged arrangement traces back to a meeting in November 2024. Lee reportedly agreed to hire the son of Kim Byung-ki, a sitting member of South Korea's National Assembly…
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Bithumb's offices have seen police more than once this year. Investigators searched the company's premises earlier in 2025 specifically over the alleged hiring deal involving…
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Kim Byung-ki is also under the microscope for more than just the Bithumb arrangement. Investigators are looking into whether he used his influence to secure favorable conditions…
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Bithumb hasn't commented publicly on the current allegations against Lee.
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Read also: Strategy Sells 32 Bitcoin at $77,000 Each; CEO Phong Le Defends Controversial Move
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Back in 2023, a separate investigation targeted both Bithumb and rival exchange Upbit over suspicious crypto holdings linked to another South Korean lawmaker.
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So the latest allegations against Lee Jae-won land on top of years of accumulated legal pressure.
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South Korea has been one of the more aggressive regulators in the crypto space globally. The country's authorities have shown they're willing to move against major domestic…
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Related: Netomi CEO Sees $5 Trillion AI Wave Pushing Stablecoin Demand Higher
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The involvement of National Assembly members in two separate Bithumb-related investigations — Kim Byung-ki now, and the unnamed lawmaker in the 2023 Upbit case — probably raises…
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For now, Lee Jae-won is booked. Kim Byung-ki is a suspect. And Bithumb, for the third or fourth time depending on how you count, is at the center of a criminal investigation in…
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