Bithumb Outlines Roadmap for 2028 IPO, Aims to Establish Financial Institution-Grade Risk Management System

Bithumb, a major cryptocurrency exchange in South Korea, has outlined its roadmap for going public by 2028. The company aims to establish a financial institution-grade risk management system and transition from Korean Generally Accepted Accounting Principles (K-GAAP) to International Financial Reporting Standards (IFRS). Bithumb also plans to strengthen its internal control processes and compliance monitoring. To achieve these goals, the company will undergo a corporate restructuring, including dividing Bithumb Asset into separate entities, and expand its business model to include diversified assets and improve liquidity. The exchange has not disclosed which stock market it intends to list on for its IPO. A previous report in 2023 indicated that Bithumb aimed to go public by the second half of 2025, but later stated that it was considering listing on both the Korean and US markets, including the NASDAQ. In March this year, there were reports that the IPO would be pushed back to after 2028, but Bithumb has now confirmed its intention to list in 2028. The company's financial regulator, the Financial Information Analysis Institute (FIU), had imposed a six-month business suspension and fines on Bithumb in March due to alleged AML/KYC violations, but the exchange has filed for an injunction against this decision.