Bithumb Pushes Its IPO Back to 2028

The South Korean exchange wants to get risk management, accounting, and compliance in order first after an operational mistake earlier this year. A listing on Kosdaq or Nasdaq is still only on the table starting in 2028.

Key Takeaways

• Bithumb is now aiming for a 2028 IPO and wants to strengthen its internal structure, accounting, and compliance first.
• The South Korean exchange is working with securities, legal, and accounting firms and plans to finish its risk management and standards work by the end of 2026.
• Earlier this year, Bithumb came under scrutiny after an operational mistake, and tighter crypto regulation in South Korea has put even more attention on oversight.

Bithumb, South Korea's largest crypto exchange, has pushed its IPO plans back to 2028. Before it moves forward, the company wants to strengthen its internal setup and fully establish international accounting and compliance requirements.

Tighter Timeline

The Seoul-based crypto exchange said Monday that it is working with domestic and international securities, legal, and accounting firms as part of the listing process. It still has not decided exactly where it wants to go public. Bithumb was once viewed as a possible Nasdaq candidate, but the plan later shifted toward an initial listing on South Korea's Kosdaq.

Under the current schedule, Bithumb wants to complete reviews of its risk management systems by the end of 2026 at the latest and bring its accounting practices in line with both domestic and international standards. After that, the company plans to file for a preliminary listing review in 2027, with 2028 set as the target year for the IPO. Bithumb also said the timeline could still move depending on market conditions and regulatory review.

Pressure on Internal Controls

The revised timeline follows a stretch of heavy pressure for Bithumb after a major operational mistake. Earlier this year, the exchange faced scrutiny after an incorrect bitcoin transfer raised concerns about possible sabotage, and the CEO acknowledged that internal controls had been weak. That has made risk management and accounting standards even more central to the IPO process.

The delay also reflects a wider shift in South Korea, where regulators have taken a tougher stance on the crypto industry in recent years. For exchanges, that has meant more emphasis on compliance, internal procedures, and documentation, especially when a public listing is part of the plan. The same trend is showing up elsewhere in the region too: Korbit is being pushed further toward a digital investment platform by Mirae Asset, with compliance playing a key role in that effort.

What This Means for the Market

For European crypto readers, the main point is that a major Asian exchange is linking its IPO timeline to stricter governance standards. It is a reminder that oversight, accounting, and operational control now matter a lot for crypto companies that want access to public markets. In the broader crypto market, moves like this can also show how mature exchanges need to be before investors and regulators are willing to back a listing.