Bithumb, a major South Korea-based cryptocurrency exchange, is now targeting a public listing sometime after 2028, according to a report from Maeil Business News Korea. A company official stated that Bithumb would focus on preparing for the listing through 2027. The delay marks the latest setback for an exchange that had originally aimed to go public in 2025.
At the company’s annual shareholder meeting, CFO Jeong Sang-gyun said Bithumb is working to strengthen its accounting policies and internal controls following an IPO advisory contract with Samjong KPMG. Shareholders at the same meeting reconfirmed CEO Lee Jae-won for a two-year term. The meeting underscored the exchange’s continued efforts to meet the standards required for a public offering.
Under Lee’s leadership, Bithumb has faced significant regulatory pressure from South Korean authorities. The exchange received a six-month suspension and a fine of approximately $24 million over alleged anti-money-laundering violations. These legal and compliance challenges have contributed to the repeated postponement of its IPO plans.
Bithumb also drew attention in February after mistakenly crediting numerous users with around 2,000 Bitcoin each, rather than the intended 2,000 South Korean won. The error temporarily generated internal balances exceeding $40 billion, though the vast majority of those funds existed only within the exchange’s internal ledger and were subsequently reversed. The incident highlighted ongoing operational risks at the firm.
Bithumb is not the only major South Korean exchange eyeing a public listing. Dunamu, the operator of crypto exchange Upbit, is reportedly planning an IPO following a share swap with Naver Financial, with that transaction expected in September. A successful public offering by either exchange could have notable implications for local capital markets and broader cryptocurrency adoption in the country.
The broader regulatory environment in South Korea continues to evolve. Lee Jae-myung took office as the country’s president in June 2025, and his political party moved swiftly to introduce legislation governing the issuance of payment stablecoins. Meanwhile, a proposed tax on cryptocurrency gains that was initially set to take effect in 2021 has faced repeated delays and may ultimately be abandoned entirely, according to reports from March.
South Korea remains a significant market for digital assets, with an estimated 16 million residents holding accounts on cryptocurrency exchanges as of March 2025. The combination of a large retail user base, evolving legislation, and potential exchange IPOs positions the country as a closely watched jurisdiction in the global crypto landscape. How regulatory developments unfold in the coming years is likely to shape the timing and prospects of Bithumb’s eventual listing.
Originally reported by CoinTelegraph.
