Bithumb Sets Sights on 2028 IPO Amid Industry Regulatory Pressures

Bithumb, South Korea's largest cryptocurrency exchange, is planning an initial public offering (IPO) in 2028 after a major internal overhaul aimed at improving governance and financial transparency. The move comes as the crypto industry faces increased regulatory scrutiny and market volatility.

The Seoul-based exchange expects to complete upgrades to its internal controls and align with Korean International Financial Reporting Standards by the end of 2026. It plans to apply for a preliminary listing review in 2027, with the IPO targeted for 2028.

Bithumb did not specify where it intends to list, but has mentioned the possibility of going public on either South Korea's Kosdaq market or the Nasdaq in New York. The exchange is working with domestic and international securities firms, lawyers, and accountants to handle valuation, legal reviews, and listing requirements.

The company's push for transparency comes after a significant regulatory setback earlier this year when it faced intense scrutiny over a mistaken Bitcoin transfer valued at roughly $40 billion. Bithumb Chief Executive Lee Jae-won acknowledged 'a deficiency in internal control' following the incident.