South Korean cryptocurrency exchange Bithumb now expects its initial public offering (IPO) sometime after 2028, marking another significant delay from its initial 2025 target. According to a company official, the exchange will “focus on preparing for the listing until 2027” as it strengthens internal controls. The delay follows regulatory issues, including a previous six-month suspension and a multi-million dollar fine, amidst a shifting crypto policy landscape in South Korea where millions hold exchange accounts.
Bithumb is reportedly expecting its initial public offering sometime after 2028, according to a Tuesday report. This represents another delay for the South Korea-based exchange after restructuring and regulatory hurdles.
A Bithumb official said it would “focus on preparing for the listing until 2027.” CFO Jeong Sang-gyun stated at the company’s annual shareholder meeting that Bithumb was “strengthen[ing] accounting policies and internal controls” following an IPO advisory contract with Samjong KPMG.
Shareholders reconfirmed CEO Lee Jae-won for a two-year appointment at the Tuesday meeting. The delayed IPO timeline follows an initial expectation for a 2025 listing.
Under CEO Lee, the exchange faced a six-month suspension and a fine of approximately $24 million from South Korean authorities. The penalty was for alleged anti-money-laundering violations.
A major South Korean exchange going public could impact local markets and crypto adoption. Dunamu, the operator of crypto exchange Upbit, is reportedly planning an IPO following a share swap with Naver Financial expected in September.
Bithumb made headlines in February after mistakenly crediting many users with about 2,000 Bitcoin instead of 2,000 South Korean won. The internal error briefly created balances totaling more than $40 billion before being reversed.
Lee Jae-myung took office as South Korea’s president in June 2025. His political party quickly moved to introduce legislation on the issuance of payment stablecoins.
South Korean lawmakers initially proposed a tax hike on crypto gains expected to take effect in 2021. However, reports from March indicate the measure has faced repeated delays and may be scrapped entirely.
As of March 2025, an estimated 16 million South Koreans held accounts on crypto exchanges. The policy shift continues to send mixed signals to the domestic market.
