Crypto exchange Bithumb is reportedly delaying plans for its IPO until after 2028, according to local media.
- Bithumb has pushed its IPO timeline to after 2028 as it works to strengthen accounting standards and internal controls following regulatory setbacks.
- The exchange remains under scrutiny after a $40 billion internal balance error and a 36.8 billion won fine tied to anti-money laundering violations.
Per a report from Maeil Business News Korea citing a Bithumb official, the South Korean crypto exchange is set to “focus on preparing for the listing until 2027.”
Bithumb’s CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that the company was strengthening its accounting policies and internal controls following an IPO advisory agreement with Samjong KPMG.
Bithumb recently reappointed CEO Lee Jae-won for a two-year term at the Tuesday meeting, where the IPO delay was also addressed. Initially, the listing was expected around 2025.
Bithumb under scrutiny
The delay also comes as Bithumb remains under sustained regulatory and operational scrutiny, with a series of incidents raising questions around internal controls and compliance standards.
In February, the exchange mistakenly credited users with 2,000 Bitcoin instead of 2,000 Korean won during a promotional event that created internal balances exceeding $40 billion.
While most of the funds existed only on the platform’s internal ledger and were later reversed, the incident drew regulatory attention over how such large discrepancies could be processed within minutes.
Separately, South Korea’s Financial Supervisory Service has been examining the incident to assess potential weaknesses in Bithumb’s electronic ledger systems and oversight mechanisms.
Earlier this month, the exchange was also fined 36.8 billion won, about $24.5 million, for violations of anti-money laundering rules.
The exchange allegedly processed 45,772 crypto transfers involving 18 unregistered overseas virtual asset service providers, in breach of regulatory requirements.
South Korean firms target IPOs
Despite the delays, a major exchange going public could carry broader implications for crypto adoption and capital markets in the country.
Meanwhile, Dunamu, which operates Upbit, has also announced plans for an IPO following the completion of a share swap with Naver Financial, expected later this year.
