South Korea’s Bithumb cryptocurrency exchange has delayed its initial public offering until after 2028, marking its third major postponement since initially targeting a 2025 listing.
CFO Jeong Sang-gyun confirmed the delay during the company’s annual shareholder meeting, citing ongoing efforts to strengthen accounting policies and internal controls following an advisory contract with Samjong KPMG.
Shareholders reappointed CEO Lee Jae-won for a two-year term, despite prior regulatory penalties. In 2023, Bithumb was fined $24 million and suspended for six months over anti-money-laundering violations.
The exchange also made global headlines in February after a system error erroneously credited users with approximately 2,000 Bitcoin - equivalent to over $40 billion on paper - though the balances were later reversed as internal ledger artifacts.
Bithumb’s delayed listing comes as South Korea’s crypto regulatory landscape evolves under President Lee Jae-myung, whose administration has signaled support for stablecoin issuance and potential crypto tax reform.
Dunamu, operator of rival exchange Upbit, is preparing for its own IPO following a pending share swap with Naver Financial, expected this September.