Bithumb, South Korea’s second-largest crypto exchange, pushed back its initial public offering to 2028. The company announced a preliminary IPO review will start in 2027, extending the timeline from earlier targets in 2025 or 2026. This delay stems from ongoing efforts to resolve internal control issues and meet stricter regulatory demands.
System glitches and regulatory pressure hold back listing
Earlier this year, Bithumb faced a massive system error that caused erroneous transfers worth over $40 billion. This incident sharply increased scrutiny from regulators and forced the exchange to reassess its security and accounting frameworks. The company is also currently under investigation for anti-money laundering violations, reflecting South Korea’s tightened oversight on crypto firms since Bithumb’s founding in 2014.
To navigate these challenges, Bithumb has partnered with Samjong KPMG for IPO advisory and reaffirmed CEO Lee Jae-won’s leadership through the pre-IPO phase. Strengthening internal controls remains a top priority before going public.
Investment prospects hinge on partnerships and regulatory clearance
Kiwoom Securities, a major brokerage, is considering acquiring a stake in Bithumb via private share placement. Their evaluation period has been extended until October 2026, indicating cautious optimism in the deal. Meanwhile, Upbit, the largest South Korean crypto exchange, continues to advance its own IPO plans, intensifying competition in the market.
For investors, the important factors to monitor are Bithumb’s resolution of the AML investigation, its ability to prevent future system failures, and securing institutional backing ahead of the IPO. The company does not currently have a native token, so equity markets will be the primary arena for potential gains.
This content is for informational purposes and does not constitute financial advice.
