Bithumb delays IPO plans until after 2028

• Bithumb has revised its IPO timeline, pushing the target date to sometime after 2028.
• The exchange is prioritizing the strengthening of internal controls and accounting policies through 2027.
• CEO Lee Jae-won has been reappointed for a two-year term despite previous regulatory hurdles and fines.

Extended Timeline for Public Listing

South Korean cryptocurrency exchange Bithumb has reportedly delayed its plans for an initial public offering (IPO) until at least 2028. This marks a significant shift from the company's previous goal of listing in 2025. During a recent annual shareholder meeting, CFO Jeong Sang-gyun explained that the company will spend the period leading up to 2027 focusing exclusively on preparation.

To ensure a successful transition to a public entity, the exchange has entered into an advisory contract with Samjong KPMG. The primary objective of this partnership is to bolster the firm's accounting policies and internal control mechanisms, addressing concerns that have historically complicated the listing process.

Regulatory History and Leadership

Shareholders have officially reconfirmed Lee Jae-won as CEO for another two-year term. Lee's leadership comes after a period of intense scrutiny from South Korean authorities. Under his previous tenure, the exchange was hit with a $24 million fine and a six-month suspension due to alleged violations of anti-money-laundering (AML) regulations. The decision to delay the IPO is seen as a strategic move to clear these regulatory shadows and establish a more transparent corporate structure.

Competitive Landscape and Market Context

While Bithumb navigates its internal restructuring, its primary competitor, Dunamu—the operator of Upbit—is also moving toward a public listing. Dunamu is expected to pursue an IPO in September following a high-profile share swap with Naver Financial.

The broader South Korean market remains a global crypto hub. As of March 2025, approximately 16 million citizens held accounts on digital asset exchanges. However, the road has not been without technical errors; in February, Bithumb accidentally credited users with 2,000 Bitcoin (BTC) instead of the intended 2,000 South Korean won, briefly inflating internal ledgers by over $40 billion before the error was corrected.

Political and Regulatory Evolution

The delay also coincides with a shifting political climate in South Korea. President Lee Jae-myung, who assumed office in June 2025, has seen his administration move toward formalizing legislation for payment stablecoins. Meanwhile, a proposed tax hike on cryptocurrency gains, originally slated for 2021, has faced numerous delays and may be canceled entirely, reflecting the complex regulatory environment in which Bithumb must operate.