Bithumb, South Korea’s second biggest cryptocurrency exchange, is delaying its
initial public offering past 2028 after a near-disastrous operational glitch that drew a rap from regulators and reputational damage, a report from Maeil Business Newspaper said.
Beleaguered Bithumb Delays IPO to After 2028: Maeil Business
2 April 2026 - 08:40 CEST
The exchange also extended the two-year term of its chief executive Lee Jae-won at the general shareholders meeting on 31 Mar, the report said. The firm has been under the scanner ever since an employee in February mistakenly distributed 620,000 Bitcoin to retail users – worth up to $44bn – before Bithumb was able to claw back 99.7% of the giveaway.
The exchange, which also reported fiscal year 2025 financial results on 31 Mar, said the anticipated 2027 timeline for the IPO is not in the cards.
"It is highly likely that the actual listing will take place after 2028, and we will focus on preparing for the listing until 2027," the report said, citing a Bithumb official.
Chief Financial Officer Jeong Sang-gyun said that the exchange was strengthening
accounting policies and internal controls. Regulators slapped a six-month partial
suspension on Bithumb, and a $25mn fine for violating domestic anti-money
laundering protocols.
