Bithumb Delays IPO to After 2028 Amid Compliance Push

South Korean cryptocurrency exchange Bithumb announced on March 31, 2025, that it has delayed its initial public offering until after 2028, extending a timeline that has already faced multiple setbacks amid regulatory pressures and internal challenges. The decision came during the company's 12th annual general shareholders' meeting in Seoul, where executives outlined plans to prioritize compliance enhancements and system improvements through 2027.

Bithumb, one of the country's leading digital asset platforms, cited the need for stronger accounting policies and internal controls as primary reasons for the postponement. Chief Financial Officer Jeong Sanggyun stated at the meeting, "We are currently working on preliminary work to strengthen accounting policies and internal controls." The exchange signed an advisory agreement with Samjong KPMG last year, initially targeting preparatory work for a 2027 listing, but officials clarified that the actual public debut would likely occur later. A company representative added, "The actual listing is likely to be after 2028, and we will work hard to prepare for the listing until 2027."

The delay follows years of regulatory hurdles for...