South Korean cryptocurrency exchange Bithumb has laid out a plan to go public by 2028, with the company focusing on stronger governance, better financial reporting, and tighter compliance systems before launching its IPO.
According to Bithumb, the process will take place in stages over the next few years. The company plans to complete upgrades to its internal controls and switch its financial reporting to international accounting standards by 2026. In 2027, it aims to apply for listing approval and complete the required audits before targeting an IPO in 2028.
As part of its preparations, Bithumb is working with major accounting firms to improve risk management, strengthen compliance procedures, and build a more transparent reporting system. The company has also restructured parts of its business, including spinning off Bithumb Asset, to create clearer responsibilities across different business units.
Bithumb said it is increasing liquidity reserves and expanding its business operations to improve financial stability ahead of the planned listing. The exchange also plans to regularly disclose information about its finances, management decisions, and cryptocurrency holdings to provide greater transparency.
The company stressed that its IPO goal is not simply to grow larger but to improve trust among customers, investors, and regulators. It said stronger governance, better risk controls, and clearer communication will be key parts of that effort.
At the same time, Bithumb continues to face regulatory scrutiny in South Korea. In June, the country’s privacy regulator fined the exchange 210 million won (about $136,000) over violations related to overseas transfers of user data. Authorities found that certain customer information had been transferred without fully meeting legal requirements.
The privacy case came after an earlier penalty of 36.8 billion won linked to anti-money laundering shortcomings, including customer verification and transaction monitoring issues.
Despite these challenges, Bithumb is moving forward with its public listing plans as South Korea continues to develop new regulations for the cryptocurrency industry. Lawmakers are currently discussing the Digital Asset Basic Act, which would create a broader legal framework for digital assets and cryptocurrency exchanges.
Meanwhile, competition in South Korea’s crypto market continues to grow as banks, investment firms, and international crypto companies increase their involvement in the sector.
