South Korea Approves Retired Police and Tax Officials for Bithumb Affiliate Roles

Public Ethics Committee cleared hires of ex-police and tax officers at Bucket Studio and Vidente, despite trading suspensions and delisting risks facing the Bithumb-linked firms.

Woofun AI reports that South Korea’s Government Public Ethics Committee has approved the employment of retired officials from the National Police Agency and the National Tax Service at two affiliates of cryptocurrency exchange Bithumb. The decision, made public on Aug. 3, follows a July review confirming that Bucket Studio hired a former police lieutenant-level officer as a full-time auditor in June, while affiliate Vidente plans to hire a former grade-four National Tax Service official who retired in June 2024 as an auditor.

The committee concluded that the new roles were not closely related to the duties handled during the five years before retirement, adhering to the Public Service Ethics Act. These approvals occur as Bucket Studio and Vidente face trading suspensions and delisting risks on KOSDAQ due to concerns over financial health and governance, amid heightened regulatory scrutiny on virtual asset service providers in South Korea.