Bithumb Holdings has appointed Kim Ki-bum, its former head of external affairs, as CEO after a board meeting approved the decision. Bithumb Holdings is the largest shareholder of South Korean cryptocurrency exchange Bithumb, with a 73% stake. Lee Jae-won, who had served as CEO of both companies, will step down from the holding-company role and focus solely on managing Bithumb. Kim will lead holding-company communications, compliance management and legal and external policy responses as the virtual asset market becomes more institutionalized and regulations evolve. Kim previously headed the legal team at Itembay, served as a director of legal and external affairs at IMI, and has handled legal and external affairs work at Bithumb since 2017. His appointment was first reported on Sept. 8 and is viewed by some observers as potentially relevant to the holding company’s future governance and management strategy, although Bithumb Holdings has framed the change as a regulatory-response and compliance initiative.