Bithumb Sets Sights on Post-2028 IPO After $43B BTC Blunder

Bithumb also drew regulatory heat. The Financial Intelligence Unit (FIU), the anti-money-laundering body under South Korea's Financial Services Commission (FSC), fined the exchange 36.8 billion won (about $25 million) and imposed a six-month partial suspension. Regulators said the company failed to verify user identities in over 6.65 million cases. The Financial Supervisory Service (FSS) opened a probe into the exchange's ledger and risk controls, checking whether they matched the assets users had deposited.

Bithumb challenged the suspension in court. On May 1, 2026, the Seoul Administrative Court's 2nd Administrative Division granted a stay, letting the exchange keep operating normally until a final ruling. The company said it plans to "faithfully present" its case and is reportedly weighing a challenge to the fine as well.

The exchange has proposed governance changes that read as an attempt at a fresh start. It planned to appoint Sogang University tax expert Jung Yeon-dae as a new auditor after the FSS flagged "complacent supervision." Bithumb also established a 100 billion won user protection fund (about $68 million) to cover any future incident. The board sought approval at its March 31 shareholders' meeting to double its bond issuance ceiling to 300 billion won, a move to secure liquidity ahead of a listing.

Bithumb reported around 651 billion won ($430 million) in 2025 revenue, a net profit near $51 million, and domestic market share above 30%. Its share has since dropped as trading volumes across South Korea contracted in 2026.

Interest is coming from Korea's brokerages. Kiwoom Securities has been in talks to buy newly issued shares through a third-party allotment, and Samsung Securities, Mirae Asset, and Korea Investment & Securities are also pursuing stakes. That interest lines up with proposed rules that would give licensed securities firms a larger role in digital assets, plus an FSC plan to cap major-shareholder equity in exchanges. Bithumb Holdings currently controls about 73% of the exchange, and that stake may need to shrink if the cap takes effect.