South Korean cryptocurrency exchange Bithumb now expects its initial public offering to take place sometime after 2028, the company’s chief financial officer said, extending a prior target date of 2025 as the firm addresses restructuring and regulatory requirements.
At Bithumb’s annual shareholder meeting, CFO Jeong Sang-gyun said the exchange will “focus on preparing for the listing until 2027,” and is strengthening accounting policies and internal controls after appointing Samjong KPMG as its IPO adviser. Shareholders also reconfirmed CEO Lee Jae-won for a two-year term.
Under Lee’s leadership the exchange was hit with a six-month suspension and a roughly $24 million fine from South Korean regulators over alleged anti-money-laundering breaches. In February the firm drew attention when a systems error briefly credited many users with about 2,000 Bitcoin instead of 2,000 South Korean won, producing internal ledger balances that briefly totaled more than $40 billion; most erroneous entries were later reversed.
A domestic exchange listing is seen as potentially influential for local markets and broader crypto adoption. Dunamu, operator of Upbit, is reportedly planning its own IPO after a planned share-swap with Naver Financial expected in September.
Policy direction in Seoul has shifted in recent years. Pro-crypto president Lee Jae-myung took office in June 2025 and his party has moved to introduce legislation on payment stablecoins. Meanwhile, a proposed tax on crypto gains that was first expected in 2021 has been repeatedly delayed and, according to March reports, may be abandoned.
As of March 2025, an estimated 16 million South Koreans held accounts on crypto exchanges. This article was produced in line with Cointelegraph’s editorial standards; readers are encouraged to verify details independently.