South Korean crypto exchange Bithumb has presented a roadmap for preparing its IPO with the aim of completing the listing in 2028. This is reported by The Block.
According to the company's statement, in 2026, Bithumb intends to strengthen internal controls and prepare for the transition from Korean Generally Accepted Accounting Principles K-GAAP to Korean International Financial Reporting Standards K-IFRS.
In 2027, the exchange plans to apply for preliminary listing review and pass inspection by local authorities. The completion of the IPO is scheduled for 2028, but the timeline may change due to market conditions and the timing of regulatory review.
Bithumb stated that it is building a risk management system at the level required for public companies. It is assisted in this by one of South Korea's leading auditing firms.
The company has also restructured its business to divide responsibilities among divisions, simplify the structure, and reduce the risk of conflicts of interest. In addition, the platform intends to diversify its business model, reduce reliance on trading fees, and increase liquid assets to maintain financial stability.
Timelines Have Shifted
The Bithumb IPO has been discussed for several years. In 2023, the company selected Samsung Securities as the main underwriter and considered listing on KOSDAQ in the second half of 2025.
However, the deadlines have been postponed several times. In March 2026, Maeil Business Newspaper wrote that the actual listing would likely take place after 2028, and that Bithumb would focus on preparing for the listing until the end of 2027. The company also entered into a consulting agreement with Samjong KPMG.
An Error Involving 620,000 $BTC
At the beginning of 2026, Bithumb's internal controls drew the attention of South Korea's Financial Supervisory Service (FSS) after users were mistakenly credited with about 620,000 $BTC during a promotional campaign.
The glitch occurred on February 6. An employee of the platform confused the tickers and entered bitcoin as the reward unit instead of Korean won. The amount of funds credited far exceeded the exchange's actual reserves. At the time of the incident, Bithumb held only about 46,000 $BTC in its wallets.
Following the incident, the price of bitcoin against the won on the platform plummeted by 15%. Representatives of the exchange reported the recovery of 99.7% of the erroneously distributed assets. It was not possible to recover approximately 125 $BTC.
Recall that in June, South Korea's Personal Information Protection Commission (PIPC) ordered Bithumb to pay 210 million won (~$136,000 at the exchange rate at that time) for transferring user data to foreign companies without their consent.
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