Bithumb Exchange Pushes IPO Beyond 2028 Following Compliance and Operational Setbacks

South Korea's Bithumb, which once targeted a public listing in 2025, has now pushed its IPO timeline past 2028. This delay follows a year marked by significant compliance failures and a staggering $40 billion accounting error. The exchange is planning years of system repairs before it will be ready to face market scrutiny.

A major internal blunder in February—where users were incorrectly credited with 2,000 BTC instead of 2,000 won (approximately $1.50)—escalated into a public trust crisis. Although the error was swiftly reversed, the incident exposed deep systemic vulnerabilities during a critical period of regulatory review.

CEO Lee Jae-won continues to retain shareholder support despite earlier sanctions from the Financial Services Commission (FSA), which included a six-month suspension and a $24 million fine for alleged anti-money laundering (AML) breaches. The extended IPO runway suggests the exchange is grappling with structural issues more profound than were initially disclosed to the public.