Crypto exchange Bithumb to delay IPO until after 2028: Report

South Korea-based cryptocurrency exchange Bithumb is reportedly expecting its initial public offering (IPO) sometime after 2028, in another delay after restructuring and regulatory hurdles.

According to a Tuesday report from Maeil Business News Korea, a Bithumb official said that it would “focus on preparing for the listing until 2027.” CFO Jeong Sang-gyun said at the company’s annual shareholder meeting that Bithumb was “strengthen[ing] accounting policies and internal controls” following an IPO advisory contract with Samjong KPMG.

Shareholders reconfirmed CEO Lee Jae-won for a two-year appointment at the Tuesday meeting, but the delayed IPO timeline was the latest after Bithumb initially expected a 2025 listing. Under Lee, the exchange faced a six-month suspension and a $24 million fine from South Korean authorities for alleged anti-money-laundering violations.

A major South Korean exchange going public could impact local markets and crypto adoption in the country. Dunamu, the operator of crypto exchange Upbit, is reportedly planning an IPO following a share swap with Naver Financial, expected in September.

Related: South Korea tax agency seeks private crypto custodian after security lapses

Bithumb made headlines in February after the exchange mistakenly credited many users with about 2,000 Bitcoin (BTC) instead of 2,000 South Korean won. The error briefly created internal balances totaling more than $40 billion, though most of the funds existed only on the exchange’s internal ledger and were later reversed.

Mixed signals in South Korea’s crypto policy shift

Lee Jae-myung took office as South Korea’s president in June 2025, and his political party quickly moved to introduce legislation on the issuance of payment stablecoins.

South Korean lawmakers initially proposed a tax hike on crypto gains expected to take effect in 2021. However, the measure has faced repeated delays and may be scrapped entirely, according to reports from March.

As of March 2025, an estimated 16 million South Koreans held accounts on crypto exchanges.

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