Bithumb IPO 2025: Legal Hurdles Cleared, Crypto Exchange Eyes NASDAQ Listing

Monicah W

The post Bithumb IPO 2025: Legal Hurdles Cleared, Crypto Exchange Eyes NASDAQ Listing appeared first on Coinpedia Fintech News

South Korea’s leading crypto exchange, Bithumb, is making big moves toward its long-awaited initial public offering (IPO). After years of legal battles, the company has finally cleared a major hurdle, bringing it one step closer to a stock market debut. 

A major roadblock for Bithumb was the legal case involving its former chairman, Lee Jung-hoon. According to local media reports, he was accused of fraud, which cast a shadow over the exchange’s IPO plans for years. However, South Korea’s Supreme Court has ruled in Lee’s favor, eliminating a key legal risk for the company. With this issue behind them, Bithumb is now focusing on pushing forward with its IPO plans, aiming for a 2025 listing.

New Begining with Clear Rules

Bithumb has been working on its IPO strategy since 2020 but had to put plans on hold due to legal troubles. Now, with a clear path ahead, the exchange is expected to speed up the process. The company has appointed Samsung Securities to manage the offering and is targeting a listing on the NASDAQ, following in the footsteps of Coinbase and Japan’s Coincheck.

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. However, regulators are expected to loosen these rules later this year, allowing institutional investors to enter the market.

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 and other digital assets on their balance sheets. This could bring significant new capital into the industry, boosting exchanges like Bithumb.

Banking Partnership Adds Strength

Moreover, Bithumb has also strengthened its position by partnering with KB Kookmin Bank, South Korea’s largest banking firm. This deal is expected to help attract more corporate clients and strengthen its IPO case. Meanwhile, its biggest rival, Upbit, has partnered with K Bank, which is also planning an IPO.

Challenges Still Remain

Despite these positive changes, Bithumb still faces challenges. Regulators are currently conducting an anti-money laundering (AML) investigation, and any penalties could impact the company’s IPO timeline. Plus, questions remain about Bithumb’s ownership structure, particularly the involvement of businessman Kang Jong-hyun. As of now, Bithumb is excited for IPO to gain lost investor faith and to bring new investors on board.

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XRP Lawyer Questions Coinbase’s Self-Centric Motives: Here’s All

XRP Lawyer Questions Coinbase's Self-Centric Motives: Here's All

Coinbase, a prominent crypto exchange, draws a severe rebuke from XRP lawyers amid the Ripple Vs SEC lawsuit debate. In a recent development, XRP lawyer Bill Morgan questioned Coinbase’s selfish motives, highlighting their deafening silence.

Meanwhile, legal expert Fred Rispoli accused Coinbase of acting out of self-interest. Rispoli asserted that the crypto exchange’s actions are driven by profit rather than community benefits.

XRP Lawyer Slams Coinbase for Selfish Motives

Recently, XRP lawyer Bill Morgan criticized Coinbase and its chief legal officer Paul Grewal for being clearly guided by selfish motives. Morgan shed light on their explicit silence until they found themselves embroiled in a legal dispute with the US Securities and Exchange Commission. In an X post, Bill Morgan stated, “Coinbase and Paul Grewal were silent until the SEC targeted Coinbase.”

Notably, Morgan’s statement underscores the silence of Coinbase and Paul Grewal during Ripple’s prolonged legal battle with the SEC. According to Morgan, Coinbase has remained tight-lipped since 2020 when the SEC filed a lawsuit against Ripple. The XRP lawyer added that the exchange broke its silence only when it was directly impacted by the SEC’s actions.

Lawyer Exposes Coinbase’s Self-Centric Actions

Reinforcing Bill Morgan’s claims, another pro-XRP lawyer Fred Rispoli slammed Coinbase for being influenced by self-centric motives. He asserted that the crypto exchange’s actions are rooted in greed, rather than a genuine desire to serve the crypto community.

Completely agreeing with Morgan’s arguments, Rispoli stated,

Everything this company does is purely out of self-interest. Not saying corps shouldn’t look after the bottom line but don’t pretend you were “for the people” from Day 1 (b/c your ToS with customer restrictions is exactly the opposite of this).

This comes following Ripple CEO Brad Garlinghouse’s stunning revelation that the SEC would dismiss the XRP lawsuit.

Paul Grewal Acknowledges Ripple’s Efforts

Coinbase, the top crypto exchange, faces this increased backlash following Paul Grewal’s interview with MetaLawMan. During the interview, Grewal acknowledged leading Ripple community members including Stewart Alderoty and John Deaton’s efforts in the XRP case. Grewal stated,

There were many others fighting alongside us and many who are actually fighting even before we got dragged into this…I think people like Stuart Alderoty and John Deaton, folks who really bor the brunt of Mr. Gensler’s early efforts to crack down on crypto and essentially stamp it out before it could become large enough.

However, in response to Grewal’s statements, pro-XRP lawyer MetaLawMan shared an X post, highlighting Ripple’s solo journey in the long-held lawsuit. He stated, “Regardless of which crypto tribe you align with, I think we should acknowledge that Ripple’s lonely fight against the SEC was key to the survival of the crypto industry in the U.S.”

MetalawMan has been vocal in the XRP lawsuit updates and possible outcomes. He believed that an early settlement in the case was unlikely, citing the complexities of the case.

The post XRP Lawyer Questions Coinbase’s Self-Centric Motives: Here’s All appeared first on CoinGape.

Pi Network Community Is Developing PiDaoSwap to Stop Price Manipulation

The Pi Network community is taking a significant step toward financial independence, developing its decentralized exchange (DEX), PiDaoSwap.

According to social media reports, the initiative will aim to curb alleged price manipulation by external exchanges.

PiDaoSwap to Launch on the Pi Network Ecosystem

Reportedly, PiDaoSwap is in the final stages of launching a multi-functional DEX on the Pi Network mainnet. The platform will ensure that the PI coin price reflects the actual market value of the token rather than being distorted by third-party platforms.

The announcement cited price manipulation by outside entities, a malpractice that impedes Pi Network’s growth and development.

“Once completed, the Pi price will be reflected at its true value and will no longer be manipulated by current external exchanges,” Pi Network VietNames claimed.

Pi Network VietNames is a community-driven profile that shares updates, opinions, and news about Pi Network.

Although in the final stages of development, PiDaoSwap specified that it was awaiting Know Your Business (KYB) approval from the Pi core team before launching.

For now, the prospective platform has secured Twitter’s organizational verification, signaling progress in its development.

Meanwhile, Pi Network’s imminent PiDaoSwap launch comes amid escalating frustrations within the PI community. Certain platforms reportedly use bots to alter Pi’s valuation artificially, affecting community sentiment.

Similarly, there are also allegations of fake price listings by external exchanges.

A recent BeInCrypto report echoes this sentiment amid allegations of bot activity on CoinMarketCap. This fueled skepticism about centralized price tracking mechanisms on the platform.

According to Pi Network VietNames, these manipulations have severely impacted the project’s credibility and adoption.

Meanwhile, Binance remains evasive when listing Pi coins. Despite community support, Pi Coin’s Binance listing decision remains unresolved, leading to frustration among fans.

pi network price
PI Weekly Price Chart. Source: BeInCrypto

Restrictions on Using Pi-Related Branding

Meanwhile, other concerns emerge regarding restrictions on using “Pi-related” branding. These are related to the intellectual property (IP) and trademark policies outlined by the Pi Network.

“As a community-driven ecosystem project under PIDao, with DAO as our core focus, would this still be prohibited? Or do we need to modify our project name and domain accordingly,” PiDaoSwap wrote.

Pi Network’s official documentation prohibits using “Pi-related” branding without approval. Therefore, this suggests modifications could be necessary before the prospected PiDaoSwap debuts.

Meanwhile, PI fell below $1 on Saturday, down by over 30% in the past week.

The post Pi Network Community Is Developing PiDaoSwap to Stop Price Manipulation appeared first on BeInCrypto.