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Bithumb Eyes 2028 IPO as Bitget Exits Japan
Bithumb is overhauling governance for a post-2028 IPO while Bitget exits Japan entirely. The split shows how compliance costs now decide where exchanges operate.
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Two Asian crypto exchanges are moving in opposite directions on regulation, and the split says more about the cost of compliance than about the health of the market itself.
South Korea's Bithumb is preparing for an initial public offering after 2028. Management plans to complete governance, accounting and compliance reforms through 2027 before pursuing a listing, and has signed an IPO advisory agreement with Samjong KPMG to help with financial reporting, internal audits and risk management.
The groundwork follows a difficult stretch for the exchange. In February, Bithumb mistakenly credited users with 620,000 BTC instead of 620,000 Korean won during a compensation process, briefly distorting Bitcoin prices on the platform and drawing scrutiny from South Korea's Financial Supervisory Service. The error added to earlier anti-money laundering enforcement actions.
Shareholders re-elected Chief Executive Lee Jae-won for another two-year term, leaving current management to complete the restructuring and steer the company toward a listing.
Bitget chose the other path. The exchange stopped accepting new registrations from Japanese residents and will start phasing in restrictions later this year after continued pressure from Japan's Financial Services Agency. Japanese users have been told to withdraw assets and close positions before the year-end deadline to avoid forced position closures.
Two different answers to the same question: is a given market worth the cost of operating in it?