Kiwoom Securities Eyes Stake in Bithumb to Bolster Crypto Presence

The discussions between Kiwoom and Bithumb remain fluid, with both parties yet to finalize the size of the investment or the specific equity percentage. If the deal moves forward, Kiwoom would join an expanding roster of major financial entities staking a claim in the crypto sector. Hana Bank recently unveiled plans for a $670 million investment in Upbit operator Dunamu, while Samsung affiliates have already secured a 4% stake in the same firm.

These negotiations arrive at a testing time for Bithumb, which faces heightened scrutiny from regulators. South Korea’s Personal Information Protection Commission recently issued a 210 million won fine against the exchange for failing to meet requirements regarding overseas personal data transfers. This regulatory pressure follows a much larger 36.8 billion won penalty related to anti-money laundering deficiencies and inadequate customer due diligence.

Despite these hurdles, Bithumb continues to build its infrastructure for a 2028 initial public offering. The exchange has engaged Samjong KPMG as an advisor through 2027 to guide the process. Meanwhile, lawmakers are finalizing the Digital Asset Basic Act, which proposes capping individual ownership in crypto exchanges at 20%, though exemptions up to 34% are under review. These legislative shifts are reshaping how firms like Bithumb manage compliance and corporate structure as they prepare to transition into public companies.