South Korean authorities are investigating Bithumb’s CEO, Lee Sang-jun, for alleged bribery in connection with the listing of certain cryptocurrencies on the exchange, according to the Seoul Southern District Prosecutors’ Office.
The office confirmed that Bithumb Holdings and Lee’s private residence had been raided earlier this month, but declined to provide further details.
Lee is the latest in a growing list of Bithumb executives to face charges, while a former Coinone employee is also being investigated for accepting bribes in exchange for listing specific cryptocurrencies.
Meanwhile, South Korean exchanges Upbit, Korbit, and Gopax have been accused of illegally listing certain crypto tokens.
The country is in the process of developing a regulatory framework for the digital asset industry, including clearer guidelines for listing and delisting tokens on exchanges.
