Bithumb sets 2028 IPO target with governance overhaul plan

Bithumb has outlined a roadmap to complete its initial public offering in 2028 after detailing upgrades to its governance, financial reporting, and internal control systems.

According to Bithumb, the South Korean cryptocurrency exchange is working with leading domestic accounting firms to build a risk management framework, convert its financial reporting from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS), and strengthen internal compliance and internal control processes as part of its IPO preparations.

The company said it has also reorganized parts of its corporate structure by spinning off Bithumb Asset to define responsibilities across business units more clearly. Alongside the restructuring, it is expanding its business model and increasing liquidity reserves to improve financial stability before seeking a public listing.

Bithumb added that it plans to regularly disclose its financial position, key management matters, and cryptocurrency asset holdings as part of its commitment to transparent operations. It is also working with domestic and international securities firms, law firms, and accounting firms to evaluate corporate value, review legal risks, and prepare for the preliminary listing review.

Bithumb plans a three-stage IPO process

As outlined by the exchange, the IPO roadmap spans three years, beginning with the completion of internal control improvements and K-IFRS conversion preparations in 2026.

The company said it intends to submit its preliminary listing application and complete required audits in 2027 before targeting the completion of its IPO in 2028. It noted that the schedule could change depending on market conditions and regulatory review timelines.

The latest update follows earlier comments from Bithumb Chief Financial Officer Jeong Sang-gyun, who said in April that the exchange was targeting a 2028 listing. The company also signed an IPO advisory agreement with Samjong KPMG that runs through the end of 2027 as preparations continue.

Earlier this year, local media reported that Kiwoom Securities was negotiating to acquire a stake in Bithumb through a planned purchase of newly issued shares. According to ChosunBiz, both companies were discussing the size of the investment and ownership percentage, although final terms had not been agreed at the time.

Governance and transparency remain central to Bithumb’s plans

Bithumb said the IPO is intended to demonstrate management transparency and strengthen trust among customers rather than simply increase the company’s size.

As part of that effort, the exchange said it has simplified its business structure to reduce potential conflicts of interest while improving corporate governance ahead of the listing review. It also said stronger compliance procedures and institutional-level risk management systems are being introduced to better protect customer assets and support sustainable operations after the IPO.

The exchange further stated that expanding communication with investors, regulators, customers, and the media forms part of its listing preparations. According to the company, regular business updates and public disclosures will help provide more consistent information to the market throughout the process.

Regulatory scrutiny has continued alongside IPO preparations

The listing work has continued while Bithumb addresses regulatory issues in South Korea.

In June, South Korea’s Personal Information Protection Commission imposed a 210 million won, or about $136,000, fine after finding the exchange violated rules governing overseas transfers of personal information. The regulator also ordered Bithumb to revise its cross-border data transfer procedures after determining that user information had been transferred without fully meeting requirements under the Personal Information Protection Act.

The commission’s investigation found that, during order-book sharing between September and November 2025, users had consented to overseas transfers involving Stellar, but member numbers and order information were instead sent to infrastructure operated by BingX. The regulator separately reviewed virtual asset transfers involving 13 overseas exchanges and concluded that customer information shared for anti-money laundering checks had also failed to satisfy all legal consent and notification requirements.

The privacy case followed an earlier enforcement action in which South Korean regulators imposed a 36.8 billion won penalty over anti-money laundering deficiencies involving customer due diligence, transaction monitoring, and transfers linked to unregistered overseas virtual asset service providers.

While announcing the privacy decision, the Personal Information Protection Commission also released blockchain privacy guidelines covering on-chain disclosures, participant data sharing, tracking risks, and privacy protections that should be considered when blockchain services are designed.

South Korea’s crypto framework continues to evolve

Bithumb’s listing plans are unfolding as South Korean policymakers continue developing rules for the digital asset industry.

Lawmakers are considering the Digital Asset Basic Act, which seeks to establish a comprehensive legal framework for cryptocurrencies. Under proposals discussed so far, a single shareholder’s ownership in a cryptocurrency exchange would generally be capped at 20%, although higher ownership of up to 34% could be permitted under conditions that remain under review.

At the same time, established financial institutions have expanded their involvement in the sector. Hana Bank previously disclosed plans to acquire a stake in Dunamu, the operator of Upbit, while local media reported that three Samsung affiliates also planned to invest in the company.

International firms have also increased their presence, with OKX Ventures announcing an investment in Coinone and Binance completing its acquisition of Gopax after years of regulatory delays.