Bithumb Korea Delays Management Split to Prioritize Compliance with New Regulations

Bithumb Korea, the operator of the cryptocurrency exchange Bithumb, has delayed its planned management split initially set for June. This decision is attributed to the need to focus on preparations for the Virtual Asset User Protection Act, which comes into effect in July. According to filings on the Financial Supervisory Service’s Electronic Disclosure System (DART), the spin-off date has been changed to ‘undetermined’, with plans to re-disclose once finalized. Previously, Bithumb Korea had announced the creation of a new company, Bithumb A, through demerger on June 13. The postponement is explained as a strategic move to prioritize compliance with the upcoming legislation. The company denies any connection to a speculated slowdown in IPO plans. Additionally, recent changes in leadership and corporate structure adjustments are clarified as separate matters from the postponement.

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