Bithumb Sets Sights on 2028 IPO After Regulatory Overhaul

Bithumb, one of South Korea's largest cryptocurrency exchanges, has set its sights on a 2028 initial public offering (IPO) after a significant overhaul of its accounting standards and internal controls. The exchange announced a formal timeline for the listing process, with a preliminary review scheduled for 2027.

The move marks a major shift from Bithumb's earlier target of 2025, which was scrapped due to regulatory hurdles and internal control issues. In August, an employee mistakenly transferred approximately $43 billion worth of Bitcoin (BTC) during a promotional campaign, sparking a probe into the exchange's risk management practices.

Bithumb is now focusing on upgrading its internal controls and transitioning to Korean International Financial Reporting Standards, which will replace the current Korean Generally Accepted Accounting Principles framework. The exchange has also reorganized its business units to separate responsibilities more clearly and reduce conflicts of interest.