Despite facing a Bitcoin misdelivery scandal and heavy regulatory penalties, Bithumb is pushing forward with its CEO's re-election.

PANews reported on March 22 that, according to the Korea Times, despite recent scandals plaguing cryptocurrency exchange Bithumb, including last month's Bitcoin misdistribution incident, the company plans to extend CEO Lee Jae-won's term. Industry insiders revealed that Bithumb will hold its regular shareholders' meeting on March 31, where the proposal to extend his term will be voted on. Lee Jae-won's current term expires this month; if approved, he will receive a new two-year term.

Bithumb had previously been severely punished by the Financial Intelligence Unit (FIU) under the Financial Services Commission for violating anti-money laundering regulations, including a six-month partial suspension of operations and a fine of 36.8 billion won (approximately US$24 million). The penalties also included a reprimand to the CEO and a six-month suspension of the reporting officer. In addition to these punishments, Bithumb is still awaiting the results of an investigation into its sharing of order books with overseas platforms.