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Cryptopolitan 2026-06-29 13:39:12

Kiwoom is looking to acquire a stake in Bithumb

South Korean financial services company Kiwoom Securities is currently in talks to acquire a stake in Bithumb, the country’s second-largest crypto exchange. The deal will be fulfilled through a third-party allotment of newly issued shares, under which Kiwoom would acquire new shares issued by Bithumb. However, the exact stake and investment are yet to be concluded, Chosun Biz reported Monday. Kiwoom shares rose 7.99% to 333,500 won following the announcement. Kiwoom Securities share price. Source: Yahoo Finance Korean securities firms position ahead of STO reforms Kiwoom’s interest in Bithumb comes as Korea prepares to pass regulations on security token offerings (STOs) and stablecoins that would give licensed securities firms a larger role in digital asset markets. Samsung Securities, Mirae Asset, and Korea Investment & Securities are also pursuing a stake in Bithumb. “We are discussing partnerships with the financial sector and several corporations across various possibilities, but nothing has been specifically reviewed or decided yet,” a Bithumb official noted. Crypto exchanges in Korea have been opening their doors to more investments amid a proposed rule by the Financial Services Commission to cap major shareholder equity in exchanges at 20%, with exceptions allowing up to 34%. Bithumb Holdings currently controls 73.56% of the exchange. That means it could be required to divest more than 50%% if the regulation takes effect. In May, three Samsung affiliates had agreed to acquire a combined 4% stake in Dunamu, the operator of South Korea’s largest crypto exchange, Upbit. The deal was estimated to reach 612.8 billion won, roughly $408 million. Bithumb’s IPO pushed past 2028 Bithumb is also pursuing a KOSDAQ listing with Samsung Securities as lead manager. The second-largest Korean exchange originally targeted 2025 for its public debut, then pushed to 2027, and most recently indicated it would not list until after 2028, as Cryptopolitan reported in April. Despite strong financial reporting, Bithumb delayed its planned IPO, saying it still wanted to work on its accounting policies, internal controls, and other rules. Bithumb was once under regulatory scrutiny for issues including AML violations, where it received a 36.8 billion won fine (or $24.2 million) from the FIU and a six-month partial suspension. Earlier this month, South Korean police named Bithumb CEO Lee Jae-won as a suspect in an ongoing bribery investigation, saying Jae-won hired the son of an independent lawmaker as a political favor. The smartest crypto minds already read our newsletter. Want in? Join them .

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