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Bithumb to come under stricter regulation upon FTC's large conglomerate designation

Published: 01 May. 2025, 19:39 Updated: 01 May. 2025, 19:47

Bitcoin and other cryptocurrency prices are on display at a Bithumb lounge in southern Seoul on Nov. 11, 2024. [YONHAP]

The Fair Trade Commission (FTC) designated Korea’s cryptocurrency exchange operator Bithumb as a large conglomerate on Thursday, making it subject to stricter public disclosure and regulatory oversight.

This comes amid a sharp increase in assets across industries such as defense, cryptocurrency and shipping, resulting in changes to the business rankings.

According to FTC, 92 business groups with total assets exceeding 5 trillion won ($3.51 billion) have been designated as public disclosure targets for this year.

Among them, 46 groups with assets surpassing 11.6 trillion won, equivalent to 0.5 percent of the country’s nominal GDP, have been classified as "enterprise groups subject to the limitations on mutual investment," subject to limitations on cross and circular shareholding.

Bithumb was included in the public disclosure group for the first time, boosted by a surge in virtual asset trading and customer deposits, partly in anticipation of a potential return to office by U.S. President Donald Trump.

Dunamu, operator of the Upbit exchange, also re-entered the restricted group, jumping 17 spots in the corporate rankings from 53rd to 36th.

LIG, which owns defense-related affiliates, was newly designated as a disclosure target amid heightened geopolitical tensions. Eukor Car Carriers also joined the list, driven by improved profitability in the shipping sector.

Lotte Group climbed back to 5th place in the corporate rankings for the first time in two years, following a revaluation of its land assets. Posco slipped from 5th to 6th place due to a downturn in the steel industry.

National Agricultural Cooperative Federation, otherwise known as NongHyup, rose from 10th to 9th place on increased earnings from interest margins, while GS Group fell from 9th to 10th amid weakening petrochemical performance.

Hanjin Group moved up from 14th to 12th, following its major merger and acquisition deal involving Korean Air and Asiana Airlines.

The FTC reported no changes in the controlling shareholders of major groups this year.

As in 2024, the commission recognized the corporations themselves — not their top executives — as the controlling entities of Coupang Inc. and Dunamu. Coupang is chaired by Bom Kim, and Dunamu is led by Song Chi-hyung.

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY IM SOUNG-BIN [[email protected]]