Vident Kosdaq Delisting Review Postponed Until 2027 After Appeal

Vident, the second-largest shareholder of Bithumb Holdings with a 30% stake, received a postponement of its Kosdaq delisting review on the 22nd. The Korea Exchange Kosdaq Market Division granted the company a five-month improvement period following deliberation on the delisting matter. The postponement comes after Vident filed an objection to a delisting decision made in June, having previously received a nine-month improvement period in July last year. The original delisting grounds stem from embezzlement and breach of trust charges filed against the company's actual owner Kang Jong-hyun in March 2023.

Vident Must Submit Compliance Documents by January 2027

Vident is required to submit an implementation report and expert confirmation documents within 15 business days after the improvement period ends on Dec 22, 2026. The Kosdaq Market Committee will determine the delisting status within 20 business days from the document submission date.

Delisting Grounds Originated from March 2023 Embezzlement Charges

The delisting review process began after charges were filed against Vident's actual owner Kang Jong-hyun in March 2023 for embezzlement and breach of trust. The Korea Exchange initially granted a nine-month improvement period in July last year. The committee voted for delisting in June, but Vident's subsequent objection filing led to the current five-month extension.

FAQ

What is Vident's relationship to Bithumb?

Vident is the second-largest shareholder of Bithumb Holdings, holding a 30% stake in the holding company that owns the Bithumb cryptocurrency exchange.

When must Vident submit its compliance documents to avoid delisting?

Vident must submit an implementation report and expert confirmation documents within 15 business days after Dec 22, 2026, when the five-month improvement period ends.

Why did the Kosdaq delisting review process start for Vident?

The delisting review began due to embezzlement and breach of trust charges filed against Vident's actual owner Kang Jong-hyun in March 2023.