Bithumb Charts Path to 2028 IPO Amid Regulatory Challenges

South Korean cryptocurrency exchange Bithumb has announced plans to go public by 2028. In a three-stage roadmap, the exchange will focus on internal controls and financial preparation in 2026, followed by a preliminary listing review in 2027. The move comes as the exchange faces regulatory challenges, including a $24.5 million fine in March for anti-money-laundering and know-your-customer failures.

The exchange has set out to rebuild trust with its customers, promising regular disclosure of its finances and crypto holdings. It has also split off Bithumb Asset to separate business lines and engaged underwriters, law firms, and accountants. However, the notice makes no mention of recent legal issues, including a display error that credited thousands of users with Bitcoin they did not own.

The exchange's CEO, Lee Jae-won, was booked as a bribery suspect in June over allegations of hiring a National Assembly member's son. Bithumb has stated that its timetable for the IPO could shift due to market conditions and review requirements.