Bithumb is hitting the brakes on its IPO plans. Instead of going public soon, the company is now aiming for sometime after 2028.
The reason is simple: it needs more time to fix internal issues and meet stricter standards. According to company officials, the focus for the next few years—up to 2027—will be on improving accounting systems and strengthening internal controls.
This comes after a series of problems that put the exchange under heavy scrutiny.
One of the biggest incidents happened earlier this year, when the platform mistakenly credited users with 2,000 Bitcoin instead of just 2,000 Korean won during a promotion. That error briefly created internal balances worth over $40 billion. Even though most of it existed only on paper and was later reversed, it raised serious concerns about how such a massive mistake could happen so quickly.
On top of that, regulators in South Korea are already watching closely. Authorities have been reviewing Bithumb’s systems to check for weaknesses, especially in how it tracks and manages transactions.
The exchange was also recently fined about $24.5 million for breaking anti-money laundering rules. Reports say it processed tens of thousands of crypto transfers involving unregistered overseas platforms, which goes against regulations.
Because of all this, Bithumb is taking a step back to clean things up before trying to go public.
At the same time, leadership changes are being stabilized. CEO Lee Jae-won has been reappointed for another two years, giving the company some continuity as it works through these challenges.
Despite the delay, the idea of a major crypto exchange going public in South Korea is still important. It could boost trust in the industry and attract more investors once things are in order.
Meanwhile, other players are moving ahead. Dunamu, which runs the Upbit exchange, is also preparing for an IPO after completing a share deal with Naver Financial.
In short, Bithumb isn’t giving up on its IPO—it’s just taking more time to get its house in order before stepping into the public market.
