On June 11, the Seoul Metropolitan Police Agency officially named Bithumb CEO Lee Jae-won as a suspect in a bribery case involving independent lawmaker Kim Byung-kee.
◾ The Allegations: Investigators are probing whether Lee provided jobs at Bithumb to the lawmaker's son and a former assistant as a form of non-monetary bribery.
◾ The Quid Pro Quo: Police suspect these hirings were exchanged for political favors. During his tenure on the National Assembly's Financial Committee, lawmaker Kim actively targeted Bithumb’s primary competitor, Upbit, raising official concerns over its market monopoly.
◾ Market Impact: The investigation, which already included corporate raids, escalates legal and regulatory risks for Bithumb, as South Korean exchanges heavily rely on clean executive records to maintain mandatory banking partnerships.
