In a significant development for the cryptocurrency industry, South Korean exchange Bithumb has announced earlier today on December 30th the comprehensive reforms to its listing process following the conviction of Lee Sang-jun, former CEO of Bithumb Holdings.
The Seoul Southern District Court sentenced Lee to two years in prison for accepting bribes in exchange for instructing employees to list specific altcoins.
The case, which also resulted in a four-and-a-half-year prison sentence for former golfer An Sung-hyun, has prompted Bithumb to implement sweeping changes to ensure listing transparency.
The exchange emphasized that the controversial virtual assets mentioned in the trial were never actually listed on the platform or submitted to the listing review committee.
Enhanced Compliance and Control Measures
Bithumb has unveiled a robust set of measures to prevent future misconduct and strengthen corporate governance.
The exchange has established an independent listing review committee that includes external experts, designed to prevent individual executives or employees from influencing listing decisions.
To encourage internal oversight, Bithumb has implemented an impressive whistleblower program offering rewards of up to 10 billion won for reports of executive and employee misconduct.
The exchange has also strengthened its internal control and audit systems, implementing a unified application channel through its official website to ensure strict internal review processes.
Also Read: South Korean Lawmakers Probe Avail’s Mysterious Trading on Bithumb
Recent Listing Performance and Market Impact
Despite the governance challenges, Bithumb’s listings continue to demonstrate significant market influence.
Recent listings have shown remarkable price impacts across various tokens. PENGU memecoin experienced a 12.14% rally, reaching $0.03012 with a market capitalization of $1.86 billion, following the announcement of its KRW trading pair listing scheduled for December 24, 2024.
Similarly, SUNDOG, a Tron ecosystem meme coin, saw an 11.3% price increase to $0.2033 after its listing announcement.
The trend continued with SKALE (SKL) and BounceBit (BB), which surged 15% and 22% respectively following their Korean won trading pair listings.
Future Outlook and Commitment to Improvement
Bithumb has publicly committed to rebuilding investor trust through enhanced transparency and accountability.
A company official emphasized their dedication to re-examining operational defects and adapting to the rapidly evolving market environment.
The exchange plans to implement these reforms systematically while maintaining its position as a significant player in the cryptocurrency market.
The positive market response to recent listings, coupled with these comprehensive reforms, suggests that Bithumb is positioned to maintain its influence in the cryptocurrency space while operating under stricter governance protocols.
The exchange’s commitment to transparency and its demonstrated market impact indicate potential for sustained growth and improved operational integrity in the future.
Also Read: SKALE (SKL) and BounceBit (BB) Prices Surge 15% and 22% as Bithumb Announce Listing