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South Korean crypto exchange Bithumb is considering a U.S. Nasdaq listing amid regulatory challenges at home, according to a report from Korean outlet Daehan Economic.
What's the Scoop?
- IPO Plans: Bithumb was planning a 2025 IPO on South Korea’s Kosdaq with Samsung Securities as the underwriter.
- Regulatory Concerns: South Korea's regulatory stance may have influenced the exchange to consider a U.S. listing due to restrictions on crypto products in the country.
- Market Position: Bithumb is currently South Korea’s second-largest crypto exchange, with $574M in trading volume in the past 24 hours, behind Upbit, which saw $1.95B.
Bankless Take:
Bithumb’s potential shift toward a Nasdaq listing highlights the growing challenges that South Korean crypto exchanges face in their domestic market. As the government maintains a strict regulatory environment preventing crypto from being treated as legitimate financial products, it’s no surprise Bithumb may look towards the U.S., which, despite having an “in-the-works” regulatory framework for digital assets, offers more flexibility and a substantially larger market.. Should Bithumb successfully list on the Nasdaq, other Asian exchanges eyeing global expansion may follow.
