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South Korean cryptocurrency exchange Bithumb announced Monday that it has named Back Young Heo as its new CEO. According to Bithumb, Heo joined Bithumb in 2017 as a head of compliance and prior to Bithumb, he worked in traditional finance for 14 years at Citibank, CitiCapital, ING Bank and ING Securities. He focused on updating the company’s anti-money laundering (AML) system and KYC policy to be in line with the standards found in traditional finance.
Speaking of his appointment, Heo said:
“With the next regulation coming into effect in 2021, management has prepared well in advance to be fully compliant. Additionally, we are relentless in investing in the security of our customers’ assets and in ensuring uninterrupted service. “
Bithumb added, along with Heo’s appointment, that he will continue to improve his anti-money laundering policy and internal controls. The platform is also preparing to be fully compliant with the recently approved Financial Regulation which will enter into force in March 2021.
Bithumb is a digital asset exchange that was launched to meet the “different needs” of users around the world. The platform uses deep resources and technologies to deliver a range of services, including digital asset exchange, digital asset issuance, blockchain project incubation, and decentralized financing.
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