Bithumb announced the comprehensive Memorandum of Understanding (MOU) with SSI Digital Technology Joint Stock Company (SSID) to build and operate a local digital asset exchange. The agreement was signed on March 2 at SSI Securities’ Hanoi branch, attended by Bithumb CEO Jae-won Lee and SSID CEO Nguyen Khac Hai. The development comes as Vietnam is launching a five-year pilot program for crypto asset trading under Resolution No. 05, which took effect in January this year. The country represents one of the largest unbanked and crypto-curious populations in the world.

Bithumb and Korean exchanges tap into Vietnam’s crypto industry

According to government and international data, roughly 21.2 million Vietnamese adults have used cryptocurrency, accounting for nearly 17% of the adult population. At peak periods, ownership figures have reached 21 million people. Blockchain analytics firm Chainalysis estimated that the crypto transaction volume in Vietnam was $220 billion to $230 billion between July 2024 and June 2025, averaging over $600 million daily.

The volume places Vietnam behind only India and South Korea in the Asia-Pacific region. Vietnam only just recognized digital assets as property this year when it introduced its Law on Digital Technology Industry. The government simultaneously passed Resolution No. 05, allowing a five-year pilot for crypto exchanges and clearing the way for the Bithumb-SSID partnership.

The MOU also leaves open the possibility of Bithumb taking a strategic equity stake in an SSID-designated entity, depending on Vietnam’s pending crypto regulatory framework. SSI is widely regarded as the largest securities firm in Vietnam. Cryptopolitan has previously reported that Bithumb is South Korea’s second-largest exchange, making the partnership a pairing of significance for both markets.

SSI Securities has deep relationships with local regulators and a branch network covering major cities like Hanoi, Ho Chi Minh City, and Haiphong. The scope of the Bithumb-SSID agreement covers the full technical stack required to run a regulated exchange, which includes technology architecture, wallet and custody systems, security and risk management, regulatory compliance support, and institutional business development.

A Bithumb official stated that the cooperation with a traditional local financial institution shows that Bithumb’s capabilities in both exchange operations and transparency are “recognized internationally.” They added that compliance with Vietnamese financial regulations would be the company’s “top priority.” Bithumb’s domestic rival, Dunamu, the operator of Upbit, also met with the Vietnamese Prime Minister Pham Minh Chinh back in July 2025.

The post Bithumb expands into Vietnam in new deal with SSI Digital first appeared on Coinfea.

The delay shows the continuous attempts to tighten the belt and rebuild the reputation following a significant Bitcoin mispayment.

Bithumb postpones IPO to rebuild systems and credibility

The most influential exchange in South Korea, Bithumb, has once again postponed its IPO. The company has revised the expectation of an IPO to 2028 and not before.

The update was confirmed by executives in a shareholders’ meeting in Seoul. Jeong Sang-gyun, who is the CFO, added that preparations are underway despite the new schedule.

The advisory support has been taken up by Samjong KPMG. The collaboration will enhance the accounting principles and governance systems.

Bithumb is still stable financially due to the blowback. It had 651 billion won of revenue in 2025.

After-tax operating profit was 163.5 billion won. The net profit was 78 billion won during the same period.

The exchange also expanded its market share above 30%. It attracted 1.74 million new users in the year.

Bithumb has recently changed the banking partner to KB Kookmin Bank. The move exposes it to a wider customer base.

$43 billion Bitcoin error triggers regulatory scrutiny

It is delayed after a huge Bitcoin mispayment in a 2026 promotion. One employee accidentally sent 620,000 Bitcoin instead of 120,000 that he was supposed to send.

The deal was estimated to be worth almost 43 billion. Nevertheless, the exchange had close to 46,000 Bitcoin in reserve.

The event resulted in a drastic 15% fall in the price of Bitcoin on the platform. Panic selling ensued as the users responded to the imbalance that had occurred.

Bithumb got back 99.7% of the incorrectly transferred funds. It has also restored 93% of Bitcoin that was sold in the hype.

Approximately 125 Bitcoins are not recoverable. The firm promised to compensate the affected users by approximately 110%.

The event was effectively dealt with by the authorities. The Financial Supervisory Service initiated a complete investigation.

Internal controls and asset backing practices were also reviewed by regulators. They also reviewed transaction approvals and system safeguards.

The agency added a fine of approximately 36 billion won. It also had a temporary restriction of some of the services.

Internal reforms and compliance efforts take priority

Bithumb has gone on to implement more stringent operational measures. Transaction processes and approval systems are now examined by a special task force.

The company is trying to avoid illegal big transfers. New security demands several approvals for high-value deals.

Bithumb also established a fund to protect its users, which is 100 billion won. The fund is meant to recompense users during emergencies.

The exchange is harmonizing its operations with the digital asset rules in South Korea. Before any public listing is done, compliance must first be met.

Bithumb is also trying to diversify its revenue base. It has almost all its revenue in commission fees.

The management is of the view that such reforms will enhance investor confidence. The company intends to get as high a valuation as possible prior to going public.

The late IPO is indicative of a skittish post-expensive mistake. Bithumb is currently concerned with stability, compliance, and long-term credibility.

The post Bithumb IPO delayed to post-2028 after $43B mishap shakes confidence first appeared on Coinfea.

Filecoin’s 12% surge in the last 24 hours has been attributed to the listing announcement made by one of the biggest exchanges in South Korea, Bithumb. The move has also triggered enthusiasm in the entire market, with Open Interest on Filecoin growing by 20%.

Filecoin surges by 21% in one week

Bithumb announced in a post on January 6 about its plans to list Filecoin in the KRW market. The exchange announced its initial set price, adding guidelines for safe trading for buyers and sellers. Its initial reference price was pegged at 8,680 KRW while highlighting its limit on buying and extreme sell orders.

The announcement worked like magic, pushing Filecoin to $6.23, up by 12% in the last 24 hours. Filecoin has now registered a 21% price surge in a week, as opposed to its 23% decline in the past month. The token is presently trading at $6.08, with its trading volume seeing a boost of 180% to stand at $524 million in the last 24 hours.

Futures have also exploded, with CoinGlass data showing that futures volume is around $712 million, a 200% rise over the last 24 hours. Open interest has also surged, led by Binance’s $142 million and OKX’s $66 million. The total open interest is also up by 20% to $363 million. CoinGlass data also shows that about $3 million worth of bets on FIL have been liquidated. More than $1.8 million of the figure was on shorts, banking on the value of the asset to tank.

Messari awards FIL as DePIN leader in 2024

Messari announced Filecoin as the leader of its DePIN category in 2024. The company hinted at its exciting advancements in 2025, hailing it as the next big thing in the crypto sector. The company noted strong demand for Filecoin’s services as a result of its consistent increase in storage. The company’s utilization underwent huge growth, growing from 18% in Q4 2023 to 30% in Q3 2024.

Messari’s report highlighted the debut of Filecoin’s Web Services (FWS) framework. It also noted that the Waffle upgrade and Filecoin Fast Finality (F3) were launched to address several scalability and efficiency issues. F3 will see to it that transaction finality time is reduced by 450x and block finalization will be lowered from about seven hours to minutes.

The report also highlighted that Filecoin entered into a partnership with SingularityNET and Theoriq AI to deepen its role in decentralized AI infrastructure. This will help new projects build on Filecoin, which will in turn help to expand its ecosystem.

The post Filecoin registers 10% surge amid Bithumb listing announcement first appeared on Coinfea.

According to a detailed report by the Bank of Korea, the number of domestic crypto investors in November hit 610,000, bringing the total to 15.59 million.

South Korean investors carried out $79 billion worth of transactions

South Korean domestic crypto investors’ numbers were impressive last month, with the previous months seeing only 100,000 each. The number was 14.74 in July, before a steady 100,000 increase every month to register 14.98 million at the end of October. The rise in November was expected, coinciding with Bitcoin’s sharp rise from 100 million KRW to about 135 million KRW.

The increase in investors and Bitcoin prices also affected the total crypto holdings, boosting it to around 102 trillion KRW (approximately $79 billion). The figure is a huge leap from the 58 trillion KRW registered in October. In addition, unused deposits on exchanges totaled about 8.8 trillion KRW at the end of November.

Also, the average trading volume on domestic exchanges outpaced that of the Kospi and Kosdaq stock exchanges in November, registering 14.9 trillion KRW. However, in the months before, the trading volume was between 2 and 3 trillion KRW, with only October seeing 3.4 trillion KRW. Several lawmakers have commented on the sporadic growth of the assets in the country.

According to Democratic Party member Rep. Lim Gwang-Hyun, the level of the crypto industry is steadily increasing to match that of the stock market. Gwang-Hyun also doubles as a member of the National Assembly Planning and Finance Committee. He also mentioned that the government needs to do a lot to ensure that sound market practices are promoted in the crypto space. He noted that it will safeguard users and aid innovation in the market.

The post South Korean crypto investors hit 15 million, hold $79 billion in assets first appeared on Coinfea.

Lee is embroiled in a legal battle under the Act on Aggravated Punishment for Specified Economic Crimes, centered around accusations of defrauding 110 billion won in a scheme with BK Group’s Chairman Kim Byung-geon. The prosecution’s case hinges on the allegation that Lee deceived Kim regarding the joint management of Bithumb and the introduction of BXA Coin on the exchange. Lee is also accused of manipulating governance structures for personal gain and sidestepping financial rules.

On the flip side, Lee’s defense questions the reliability of Kim’s statements, highlighting inconsistencies and asserting Lee’s support for Kim as an apt leader for Bithumb. This pivotal legal confrontation not only determines Lee’s personal destiny but also has far-reaching implications for the Bitcoin market and regulatory strategies in South Korea’s crypto exchanges, with potential global reverberations.

This case is a critical example of the friction between regulatory bodies and the burgeoning cryptocurrency sector, emphasizing the need for clear and transparent leadership in the crypto industry. The outcome of Lee’s appeal is keenly awaited by crypto enthusiasts, investors, and industry insiders, as it is poised to set a benchmark for the handling of governance and regulatory issues in the digital asset domain.

The ongoing legal saga involving Lee Jeong-hoon and Bithumb marks a decisive juncture in the crypto industry’s evolution, likely to influence the future regulatory framework and governance norms extensively. As the date of the appeal hearing approaches, the crypto community is on tenterhooks, anticipating a verdict that will shape the operational landscape of crypto exchanges well into the future.

The post Bithumb scandal escalates as Lee faces 8-year sentence in prison first appeared on Coinfea.

The organization behind Bithumb, Bithumb Korea, has brought Samsung Securities on board as the underwriter, underscoring the gravity of their IPO ambitions. The target is to make their market debut in the latter half of 2025, with an open consideration for an eventual leap to the more esteemed KOSPI market. However, the initial focus remains firmly on KOSDAQ.

Contrary to the conventional narrative of public listings for capital infusion, Bithumb’s move is not driven by a need for funds, given their robust holding of over 400 billion won in financial product assets. Instead, this public listing is seen as a strategic step to rebuild and strengthen market trust, positioning Bithumb as a formidable competitor to Upbit, which currently holds an 85% market share.

At the core of Bithumb’s strategy is the imperative to restore and maintain customer trust, recognizing it as the key to regaining its market leadership status.

This period also marks a significant reshuffling within Bithumb Holdings’ leadership. The return of former Chairman Lee Jung-hoon as a registered director symbolizes a renewed commitment to ethical leadership. This is further reflected in removing CEO Lee Sang-jun from the board amidst misconduct allegations. Now, with Jaewon Lee steering both Bithumb Korea and Bithumb Holdings, there’s a clear signal of a unified leadership approach mirroring the values of former Chairman Lee, with a focus on integrity and strong governance.

Bithumb’s journey to IPO is more than just a corporate maneuver; it represents a critical step in solidifying its place in cryptocurrency trading. The public listing is intended to bolster transparency and accountability, which is essential in regaining customer confidence and mounting a stronger challenge to Upbit’s market dominance.

As Bithumb advances towards its IPO, the move is poised to potentially reshape South Korea’s cryptocurrency trading landscape, signaling a new era in the company’s quest to reclaim its prominence and redefine industry standards.

The post Bithumb sets sights on IPO, challenging Upbit’s dominance first appeared on Coinfea.