Bithumb Sets 2028 IPO Roadmap Amid Legal Challenges

The IPO roadmap comes as Bithumb faces a series of legal and regulatory setbacks. In February, a display error credited thousands of users with Bitcoin they did not own. Lawmakers criticized regulators over the handling, and the exchange went to court to recover coins from users who would not return them. In March, financial regulators fined Bithumb $24.5 million and ordered a six-month partial suspension over anti-money-laundering and know-your-customer failures. A court blocked the order in April.

Separately, chief executive Lee Jae-won was booked as a bribery suspect over the alleged hiring of a National Assembly member's son. Police searched Bithumb's headquarters in February and June.

None of that appears in Monday's notice, which lists pledges of transparent governance, stronger internal controls, and better investor protection. The company said the timetable could shift with market conditions and the pace of the regulatory review it will need to clear.