On May 19th, Bithumb Korea (Bithumb), a South Korean cryptocurrency exchange, announced Back Young Heo’s appointment as CEO.
Heo is no stranger to the CEO position at Bithumb. He first took the company helm from April to December 2018. During his brief tenure, Heo focused on upgrading the company’s Anti-Money Laundering (AML) system and KYC policy to be in-line with standards found in traditional finance. Heo joined Bithumb in 2017 as the head of compliance and prior to Bithumb, worked in traditional finance for 14 years at Citibank, CitiCapital, ING Bank and ING Securities.
Along with Heo’s appointment, Bithumb will continue to enhance its’ AML policy and internal controls. In particular, Bithumb is preparing to be fully compliant with the recently passed financial regulation going into effect in March 2021. The company plans on hiring a number of professionals with compliance experience from traditional finance, as well as investing heavily in its Fraud Detection System (FDS) and AML solutions.
Heo said “With the upcoming regulation coming into effect in 2021, management has been preparing well in advance to be fully compliant. In addition, we are relentless at investing in the security of our customers’ assets and ensuring a seamless service.”
