韓國的Bithumb Exchange在其期待已久的IPO中清除了一個重大障礙

經過多年的法律鬥爭，Bithumb終於清除了一個重大障礙，使其更接近股市首次亮相。

South Korea’s leading cryptocurrency exchange, Bithumb, is making strides toward its long-awaited initial public offering (IPO) as it pivots to attract institutional investors amid a changing regulatory landscape.

韓國領先的加密貨幣交易所Bithumb正在朝著期待已久的首次公開募股（IPO）邁向，因為它在不斷變化的監管景觀中吸引了機構投資者，以吸引機構投資者。

After years of legal battles and setbacks, Bithumb appears to be clearing major hurdles, bringing it one step closer to a stock market debut. A major roadblock was the legal case concerning the former chairman, Lee Jung-hoon, who was accused of fraud by a former business partner in a case that spanned years and ultimately reached the Supreme Court. According to local reports by Korea Economic TV, the Supreme Court has now ruled in Lee’s favor, eliminating a key legal risk for Bithumb.

經過多年的法律鬥爭和挫折，Bithumb似乎正在打掃大障礙，這使其接近股市首次亮相一步。一個主要的障礙是有關前董事長李·洪（Lee Jung-Hoon）的法律案件，他在跨越多年並最終到達最高法院的案件中被一名前商業夥伴指控欺詐。根據韓國經濟電視台的當地報告，最高法院現在已裁定李的有利，從而消除了Bithumb的關鍵法律風險。

With this issue behind them, the exchange is now focusing on pushing forward with its IPO plans, aiming for a 2025 listing on the NASDAQ. According to Samsung Securities, which was appointed to manage the offering, Bithumb is also considering a listing on a South Korean stock exchange after its U.S. debut.

在他們背後的這個問題上，交易所現在正專注於推動其IPO計劃，旨在在納斯達克上列出2025年上市。根據被任命管理產品的三星證券的說法，Bithumb還考慮在美國首次亮相後在韓國證券交易所上市。

Bithumb began working on its IPO strategy in 2020 but had to put plans on hold due to legal troubles and the company’s opaque ownership structure, which drew scrutiny from regulators. However, with new anti-money laundering (AML) regulations being implemented and a pilot program for institutional crypto access in the works, Bithumb is expected to speed up the process.

Bithumb於2020年開始製定其IPO戰略，但由於法律麻煩和公司不透明的所有權結構，不得不擱置計劃，這對監管機構進行了審查。但是，隨著新的反洗錢（AML）法規正在實施，並進行機構加密訪問的試點計劃，Bithumb有望加快該過程。

One of the biggest factors supporting Bithumb’s IPO is South Korea’s changing stance on crypto regulations. Until now, banks and large companies have been restricted from investing in cryptocurrencies, while institutions like the National Pension Service (NPS) have also been barred from the market. However, regulators are expected to loosen these rules later this year, allowing institutional investors to enter the crypto space.

支持Bithumb IPO的最大因素之一是韓國對加密法規的改變立場。到目前為止，銀行和大型公司都受到投資加密貨幣的投資，而像國家養老金服務（NPS）這樣的機構也被禁止進入市場。但是，預計監管機構將在今年晚些時候放鬆這些規則，從而使機構投資者能夠進入加密貨幣領域。

A pilot program is set to begin soon, giving select institutional investors limited access to crypto investments. If successful, South Korean firms may be allowed to hold Bitcoin (BTC) and other digital assets on their balance sheets, similar to regulations in Japan and Hong Kong. This could bring significant new capital into the industry, boosting exchanges like Bithumb.

試點計劃將很快開始，使精選的機構投資者有限地訪問加密投資。如果成功的話，可以允許韓國公司在其資產負債表上持有比特幣（BTC）和其他數字資產，類似於日本和香港的法規。這可能會將大量的新資本帶入該行業，從而促進Bithumb等交流。

Furthermore, Bithumb has also partnered with KB Kookmin Bank, the country’s largest banking firm, to expand its corporate client base and strengthen its case for an IPO. The partnership with KB Kookmin is expected to help Bithumb attract more corporate clients, which could be a crucial factor for investors considering buying into the exchange through an IPO.

此外，Bithumb還與該國最大的銀行公司KB Kookmin Bank合作，以擴大其公司客戶群並加強其IPO的案例。預計與KB Kookmin的合作夥伴關係有望幫助BitHumb吸引更多的公司客戶，這對於考慮通過IPO購買交易所購買的投資者可能是關鍵因素。

In contrast, Upbit, Bithumb’s biggest rival, has partnered with K Bank, another major South Korean banking firm, and is also reportedly planning an IPO. Upbit, operated by blockchain company Dunamu, is currently the larger exchange, with a greater trading volume and market share in the country.

相比之下，Bithumb最大的競爭對手Upbit與K銀行（K Bank）合作，這是另一家主要的韓國銀行業公司，據報導也正在計劃IPO。由區塊鏈公司Dunamu經營的Upbit目前是更大的交易所，在該國的交易量和市場份額更大。

Despite these positive changes, Bithumb still faces challenges. Regulators are currently conducting an AML investigation into the exchange, and any penalties or findings could impact the company’s IPO timeline. Plus, questions remain about Bithumb's ownership structure, particularly the involvement of businessman Kang Jong-hyun, who was previously linked to the exchange but later sold his shares.

儘管有這些積極的變化，但Bithumb仍然面臨挑戰。監管機構目前正在對交易所進行AML調查，任何罰款或調查結果都可能影響公司的IPO時間表。另外，關於Bithumb的所有權結構的疑問，尤其是商人Kang Jong-hyun的參與，後者以前與交易所有聯繫，但後來又出售了他的股票。

As Bithumb clears these hurdles and pivots towards attracting institutional clients, it remains to be seen how quickly it can regain the trust of retail investors, who lost faith in the exchange following previous controversies and scandals.

當Bithumb清除了這些障礙和樞紐朝著吸引機構客戶的樞紐時，還有待觀察的是，它可以迅速恢復零售投資者的信任，他們對以前的爭議和醜聞後對交流失去了信心。