Bithumb targets 2028 IPO, plans preliminary review in 2027
South Korea's second-largest crypto exchange pushes back its public listing again, citing the need to strengthen accounting and internal controls after a $40B system error and AML probe.
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Bithumb, South Korea’s second-largest cryptocurrency exchange, has pushed back its public listing again. The exchange now plans a listing after 2028, with a preliminary review process set to begin in 2027.
CFO Jeong Sang-gyun laid out the revised timeline at the company’s annual shareholders’ meeting. He said the firm will prioritize preparations through 2027. Bithumb has signed an IPO advisory agreement with Samjong KPMG that runs through the end of that year.
CEO Lee Jae-won was reconfirmed for a two-year term at the April 2026 annual meeting, aligning his tenure with the pre-IPO period.
The original plan targeted a Nasdaq listing. Delays have been driven by the need to strengthen accounting protocols and internal controls. In February 2026, a system error caused erroneous transfers exceeding $40 billion. That incident drew intensified regulatory scrutiny and forced a serious review of control systems.
Bithumb is also under investigation for anti-money laundering violations. South Korea’s regulatory environment for crypto has tightened considerably since the exchange’s founding in 2014.
Kiwoom Securities, a major South Korean brokerage, has been exploring a stake in the exchange through a private placement of new shares. Kiwoom extended its review period for the potential partnership until October 2026.
Upbit, the country’s largest crypto exchange by trading volume, is also making strides toward its own IPO.
Bithumb has no active native token publicly acknowledged. The eventual listing will be in equity markets. Between now and 2028, the key tests are whether Bithumb can resolve the AML investigation, prove its systems can handle transactions without multi-billion-dollar glitches, and secure institutional backing. The Samjong KPMG advisory agreement running through 2027 gives a concrete marker for measuring compliance progress ahead of the 2028 target.
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