Crypto Exchange Bithumb Pushes IPO Past 2028 As Cleanup Effort Continues

Bithumb is now looking at an initial public offering sometime after 2028, a further slip from its earlier 2025 target, after a year of compliance trouble, board changes, and a costly internal blunder that briefly showed more than $40 billion in fake balances on its books.

According to reports tied to the company’s shareholder meeting, the South Korea-based exchange says it wants to spend the next stretch fixing its accounting and control systems before it tries to list.

Internal Error Raised Fresh Questions

The exchange’s most damaging recent episode came in February, when it mistakenly credited users with about 2,000 Bitcoin instead of 2,000 won. The mix-up was quickly reversed, and most of the money never left Bithumb’s internal ledger, but the scale of the error was hard to ignore.

It turned a routine systems failure into a public test of trust, and it arrived at a bad time for a company trying to convince regulators and investors that it is ready for the scrutiny that comes with a stock listing.

That mistake followed earlier pressure from South Korean authorities. Under CEO Lee Jae-won, Bithumb faced a six-month suspension and a $24 million fine tied to alleged anti-money-laundering breaches.

Shareholders have now backed Lee for another two-year term, even as the company keeps moving the IPO goal farther down the road. The exchange had once expected to list in 2025, but the new plan is to focus on preparation through 2027 before any filing process advances.

A Slower Road To The Market

Bithumb’s latest timeline fits a broader pattern of delay. CFO Jeong Sang-gyun told shareholders that the company is strengthening its accounting policies and internal controls after bringing in Samjong KPMG as an IPO adviser.

That language points to work that usually happens before a listing window opens, not after a target year has already passed. The change in pace also shows how much the exchange’s public debut now depends on proving basic governance, not just market demand.

The exchange is not the only one moving through the South Korean market with listing plans in view. Dunamu, the operator of Upbit, is also said to be preparing for an IPO after a share swap with Naver Financial, with September mentioned as a possible timing point.

Featured image from Moneyseth, chart from TradingView