Bithumb pushes IPO beyond 2028 as oversight tightens and internal controls come under strain

Bithumb has again revised its IPO timetable, telling shareholders it now expects to list after 2028, later than previously indicated. The South Korean crypto exchange said the longer runway is aimed at upgrading internal systems as regulatory scrutiny of the domestic digital-asset industry intensifies. At a recent shareholder meeting, executives said the company is working to bolster accounting standards, tighten internal controls and expand verification across key operations. Bithumb also confirmed it has signed an advisory engagement with Samjong KPMG through 2027, consistent with the extended preparation plan. The delay comes as Bithumb deals with a series of compliance and operational issues. Earlier this year, the exchange mistakenly distributed about 620,000 Bitcoin during a promotional campaign. While most of the assets were recovered, the scale of the incident drew attention and led South Korea's Financial Supervisory Service to open an investigation into internal controls and risk management. Separately, the Financial Intelligence Unit levied a sizable fine and imposed a partial business suspension, adding to the firm's compliance burden. Financially, Bithumb reported roughly 651 billion won in 2025 revenue and said its domestic market share exceeded 30%. Competition remains active, with Dunamu—operator of Upbit—continuing to weigh IPO options, reflecting a broader push by exchanges to attract institutional participation and meet rising regulatory expectations. Bithumb's revised IPO target signals a focus on long-term operational resilience and regulatory readiness before entering public markets.