Bithumb Delays IPO to 2028 Amid Accounting Overhaul

- South Korean crypto exchange Bithumb announced it will delay its IPO until after 2028. - The company is postponing the IPO to strengthen its accounting policies and internal controls. On April 1, 2026, Maeil Business News Korea reported that South Korean cryptocurrency exchange Bithumb will delay its Initial Public Offering (IPO) until after 2028. Bithumb made the announcement during its annual shareholders' meeting, where it also reappointed CEO Lee Jae-won for another two-year term. The company stated the delay is necessary to enhance its accounting policies and internal controls. Before this decision, Bithumb faced significant regulatory challenges. South Korean authorities imposed a $24 million fine and a six-month suspension for alleged anti-money-laundering violations. These challenges underscore the exchange's need to solidify its operational frameworks. Bithumb’s CFO, Jeong Sang-gyun, confirmed the company has an advisory contract with Samjong KPMG to guide its IPO planning. The contract will continue through the end of 2027. This timeline reflects the company’s long-term approach to addressing regulatory and compliance concerns before it proceeds with a public offering. The delay could have broader implications for the South Korean cryptocurrency market, given Bithumb’s status as one of the region's leading exchanges. In contrast, Dunamu, which operates Bithumb's main competitor Upbit, is reportedly preparing for an IPO. This contrasting approach highlights the different strategies firms within South Korea's cryptocurrency sector are using as they navigate regulatory scrutiny and market expectations. Bithumb has not provided further details about its revised IPO plans. The company will likely issue updates as it makes progress on its internal initiatives. The exchange remains focused on preparing for long-term growth and compliance, viewing these as essential for future success.