South Korea’s major cryptocurrency exchange Bithumb is reportedly pushing its initial public offering (IPO) timeline beyond 2028, marking another delay in its long-awaited public listing. The company had originally targeted a 2025 IPO but is now focusing on strengthening its internal systems and compliance framework before moving forward.
According to reports, Bithumb plans to dedicate the next few years to improving its financial transparency and governance. CFO Jeong Sang-gyun stated during a recent shareholder meeting that the company is actively working on enhancing accounting policies and tightening internal controls. This effort follows an IPO advisory agreement with Samjong KPMG, signaling a more cautious and structured approach to going public.
Regulatory Challenges and Leadership Decisions Behind the Delay
The delay also comes after a period of regulatory pressure and operational setbacks. Under CEO Lee Jae-won, who was recently reappointed for another two-year term, Bithumb faced a six-month suspension and a $24 million fine imposed by South Korean authorities over alleged anti-money-laundering violations. These issues have contributed to the company’s decision to postpone its IPO plans.
Bithumb has also dealt with operational hiccups, including a notable incident in February where users were mistakenly credited with approximately 2,000 Bitcoin instead of 2,000 Korean won. While the error temporarily inflated internal balances to over $40 billion, it was quickly corrected, as the funds existed only within the platform’s internal ledger.
The broader South Korean crypto market continues to evolve, with regulatory uncertainty playing a significant role. Since taking office in 2025, President Lee Jae-myung has supported new legislation around payment stablecoins, while proposed taxes on crypto gains have faced repeated delays and may ultimately be scrapped.
Meanwhile, competitors are moving ahead with their own plans. Dunamu, the parent company of Upbit, is reportedly preparing for an IPO following a strategic share swap with Naver Financial.
