South Korea-based crypto exchange Bithumb is reportedly delaying its initial public offering until sometime after 2028, extending its listing timeline following earlier restructuring and regulatory challenges. Company officials indicated that preparations for a potential listing will continue through 2027.
Chief Financial Officer Jeong Sang-gyun stated during the company’s annual shareholder meeting that Bithumb is strengthening accounting policies and internal controls as part of its preparation process. The exchange has already signed an IPO advisory contract with Samjong KPMG to support compliance and readiness.
Regulatory Issues and Leadership Changes Affect IPO Strategy
Shareholders recently reconfirmed CEO Lee Jae-won for a two-year term, maintaining leadership continuity during the extended preparation period. Under Lee’s tenure, Bithumb faced regulatory action, including a six-month suspension and a $24 million fine from South Korean authorities related to alleged anti-money-laundering violations.
The company initially targeted a 2025 public listing, but ongoing compliance requirements and internal restructuring have contributed to repeated delays.
Industry Developments and Market Impact
A public listing by a major South Korean exchange is expected to influence the country’s crypto sector and investor participation. Meanwhile, Dunamu, operator of the Upbit exchange, is reportedly planning its own IPO following a share swap with Naver Financial expected in September.
Bithumb also drew attention earlier this year after mistakenly crediting users with approximately 2,000 Bitcoin instead of 2,000 South Korean won, briefly creating internal balances exceeding $40 billion before reversing the error.
South Korea’s regulatory environment remains in transition following the appointment of President Lee Jae-myung in June 2025. Lawmakers have proposed legislation on payment stablecoins, while previously planned tax increases on crypto gains have been repeatedly delayed and could be scrapped, reflecting mixed signals in national crypto policy.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.