韩国的Bithumb Exchange在其期待已久的IPO中清除了一个重大障碍

经过多年的法律斗争，Bithumb终于清除了一个重大障碍，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.

韩国领先的加密货币交易所Bithumb正在朝着期待已久的首次公开募股（IPO）迈向，因为它在不断变化的监管景观中吸引了机构投资者，以吸引机构投资者。

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.

经过多年的法律斗争和挫折，Bithumb似乎正在打扫大障碍，这使其接近股市首次亮相一步。一个主要的障碍是有关前董事长李·洪（Lee Jung-Hoon）的法律案件，他在跨越多年并最终到达最高法院的案件中被一名前商业伙伴指控欺诈。根据韩国经济电视台的当地报告，最高法院现在已裁定李的有利，从而消除了Bithumb的关键法律风险。

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.

在他们背后的这个问题上，交易所现在正专注于推动其IPO计划，旨在在纳斯达克上列出2025年上市。根据被任命管理产品的三星证券的说法，Bithumb还考虑在美国首次亮相后在韩国证券交易所上市。

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于2020年开始制定其IPO战略，但由于法律麻烦和公司不透明的所有权结构，不得不搁置计划，这对监管机构进行了审查。但是，随着新的反洗钱（AML）法规正在实施，并进行机构加密访问的试点计划，Bithumb有望加快该过程。

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的最大因素之一是韩国对加密法规的改变立场。到目前为止，银行和大型公司都受到投资加密货币的投资，而像国家养老金服务（NPS）这样的机构也被禁止进入市场。但是，预计监管机构将在今年晚些时候放松这些规则，从而使机构投资者能够进入加密货币领域。

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.

试点计划将很快开始，使精选的机构投资者有限地访问加密投资。如果成功的话，可以允许韩国公司在其资产负债表上持有比特币（BTC）和其他数字资产，类似于日本和香港的法规。这可能会将大量的新资本带入该行业，从而促进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还与该国最大的银行公司KB Kookmin Bank合作，以扩大其公司客户群并加强其IPO的案例。预计与KB Kookmin的合作伙伴关系有望帮助BitHumb吸引更多的公司客户，这对于考虑通过IPO购买交易所购买的投资者可能是关键因素。

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最大的竞争对手Upbit与K银行（K Bank）合作，这是另一家主要的韩国银行业公司，据报道也正在计划IPO。由区块链公司Dunamu经营的Upbit目前是更大的交易所，在该国的交易量和市场份额更大。

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.

尽管有这些积极的变化，但Bithumb仍然面临挑战。监管机构目前正在对交易所进行AML调查，任何罚款或调查结果都可能影响公司的IPO时间表。另外，关于Bithumb的所有权结构的疑问，尤其是商人Kang Jong-hyun的参与，后者以前与交易所有联系，但后来又出售了他的股票。

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.

当Bithumb清除了这些障碍和枢纽朝着吸引机构客户的枢纽时，还有待观察的是，它可以迅速恢复零售投资者的信任，他们对以前的争议和丑闻后对交流失去了信心。