Bithumb's IPO Journey
Bithumb Targets 2028 IPO, Boosting Compliance and Security After Regulatory Scrutiny
Anonymous
Key Points
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A February 2026 system error produced erroneous transfers totaling over $40 billion, triggering intensified regulatory scrutiny and an anti-money laundering investigation.
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Bithumb's CFO disclosed an advisory agreement with Samjong KPMG running to the end of 2027 as part of pre-IPO readiness.
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Upbit, South Korea's largest crypto exchange by trading volume, is cited as a key competitor and context for the listing strategy.
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The roadmap includes internal control upgrades in 2025 and a formal preliminary listing review in 2026, with the IPO targeted for 2028.
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As part of readiness, Bithumb plans to upgrade its customer asset management system to prioritize customer asset safety and transaction reliability.
Bithumb, South Korea's second-largest crypto exchange, has officially targeted 2028 for its initial public offering — a date that marks at least three missed listing deadlines, according to CryptoTimes. The announcement came at the company's annual shareholders' meeting, where executives laid out a multi-year roadmap covering governance reforms, financial reporting changes, and internal control upgrades.
The 2028 target is not guaranteed. Bithumb warned that timelines could shift depending on market conditions and regulatory reviews, The Block reported. The company is also navigating intensified scrutiny after a February 2026 system error triggered over $40 billion in erroneous transfers and sparked an anti-money laundering investigation.
A Roadmap Built Year by Year Toward 2028
Bithumb's plan unfolds in stages. The company began upgrading internal controls in 2025. A formal preliminary listing review is set for 2026 or 2027, with a final listing targeted for 2028, according to Crypto News. The exchange also plans to adopt Korean International Financial Reporting Standards this year — a key requirement for any serious IPO push.
As part of pre-IPO readiness, Bithumb's CFO disclosed an advisory agreement with Samjong KPMG running through the end of 2027, Crypto News reported. The company also plans to upgrade its customer asset management system to improve transaction reliability and asset safety. Executives framed the effort as a push to boost corporate value and customer trust, not simply a fundraising move.
$40 Billion Error and Regulatory Heat Complicate Plans
Bithumb's IPO path runs straight through a major scandal. In February 2026, a system error sent out erroneous transfers totaling more than $40 billion, according to Crypto Briefing. Regulators responded with heightened scrutiny, and an anti-money laundering investigation was launched. The incident put pressure on the company's governance claims and forced it to accelerate compliance work.
Value The Markets noted that Bithumb faces real challenges in improving controls while under regulatory review. The exchange is building a risk management framework and restructuring internal responsibilities to meet global standards. Whether those efforts satisfy regulators before a 2027 preliminary review remains an open question.
Kiwoom Securities and a Crowded Domestic Race
Bithumb is not alone in eyeing a public listing. Upbit, South Korea's largest crypto exchange by trading volume, is the dominant competitor and sets the benchmark Bithumb must chase, The Block reported. The race to list first could shape which exchange wins greater institutional credibility and retail investor trust.
Traditional financial players are watching closely. Kiwoom Securities has shown potential interest in the listing, signaling growing corporate appetite for exposure to crypto exchange equities, according to CryptoTimes. That outside interest adds pressure on Bithumb to hit its 2028 target and demonstrate that its governance overhaul is real, not just a slide deck.
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