Bithumb Postpones IPO Beyond 2028 Amid Regulatory Challenges

Bithumb's plans for an initial public offering (IPO) have been put on hold, with the company targeting a listing only after 2028. The exchange had previously aimed to go public between 2025-2027 but has now pushed back its timeline due to ongoing restructuring and regulatory challenges.

As part of its preparations for an IPO, Bithumb is focusing on strengthening its governance policies and internal controls. The company has appointed Samjong KPMG as its IPO advisory firm, which will help it to improve its accounting practices and risk management systems.

The delay in Bithumb's IPO plans reflects a broader slowdown in crypto listings in Korea. While Upbit operator Dunamu is reportedly planning an IPO after a share swap with Naver Financial, the regulatory environment remains uncertain. The Korean government has been considering proposals for payment stablecoins and crypto-tax plans, but these initiatives have faced delays and controversy.

In light of its past operational missteps, Bithumb's focus on governance upgrades is seen as a positive step towards ensuring compliance with regulatory requirements. By prioritizing risk management and transparency, the exchange aims to regain investor confidence and unlock access to capital markets.