The largest crypto exchange of South Korea, Bithumb, has been searching for a new buyer, reports South Korean news outlet Herald.
Bithumb is the one that boosted trading of cryptocurrency in South Korea and today with 4.77 million users, the domestic trading volume of exchange has reached over 50 percent.
Bithumb Receives Letter Of Intent
Herald, in its report, has mentioned that Bithumb Holdings, which owns 74 percent stakes in Bithumb Korea, is pursuing the sale.
Since the announcement has been made, the exchange has received so many letters of intent in which the buyers have offered it the value between $430 million and $604 million.
Bithumb has stated that some parties who have shown their interest in buying the exchange are unknown to it.
As per the report, presently, the Chairman of Bithumb, Lee Jung Hoon, is being investigated by the Seoul Metropolitan police for misleading the investors by pre-selling tokens, whose worth was $25 million, and then not listing it on the exchange.
Revised Bill Of Special Payments Act
This is the third time in a month, the local authorities have raided the exchange. The police raids on the exchange would make it harder for Bithumb to be acquired by anybody.
Notably, the accounting giant Samjong KMPG will look after the whole process of Bithumb’s sale.
The person, who would be buying the exchange, would also have to impose a revised bill of the Special Payments Act from March 2021.
According to the report, “The revised bill lays the foundational requirements for reporting and operation processes, regulates licenses for digital asset service providers, and ensures compliance with FATF recommendations.”
The report published by the South Korean local news outlet, the investment banking industry of South Korea believes that the sale of Bithumb Holdings would save the people from legal and managerial disputes and even their investments would be recovered soon. Also, whenever the investors decide to make an exit from the market, can do so, and that too without any harm.