Bithumb targets 2028 IPO after $24.5M fine, probe

Bithumb published a three-stage roadmap on Monday that targets a stock market listing in 2028. The plan calls for upgrades to risk management and compliance this year, a move to Korea’s K-IFRS accounting standard in 2026 and a preliminary listing review in 2027. The company noted the timetable could change with market conditions and the pace of regulatory reviews.

The roadmap follows a March $24.5 million penalty from financial regulators for shortcomings in anti-money-laundering and know-your-customer controls and the booking of CEO Lee Jae-won on suspicion of bribery in June. Regulators also ordered a six-month partial suspension of some services in March; a court blocked that suspension in April after Bithumb challenged the order.

Bithumb plans to separate Bithumb Asset from its core exchange business to reduce potential conflicts of interest. The company has engaged domestic and overseas underwriters, legal firms and auditors, and intends to publish regular financial statements and disclose the size of its own cryptocurrency holdings. It also plans to raise compliance monitoring to levels used by regulated financial firms.

Bithumb described the roadmap as focused on rebuilding trust. In a customer notice the company listed promises including “transparent governance, stronger internal control, better investor protection, sustainable growth and a management system built to global standards.”

The roadmap follows operational problems earlier this year. A technical display error in February credited thousands of users with Bitcoin they did not own. Bithumb has filed for provisional seizure orders to recover 7 BTC still held in accounts that retained the funds.

Police booked CEO Lee on suspicion of bribery related to the alleged hiring of a lawmaker’s relative and searched Bithumb’s headquarters during investigations. The booking has not led to trial proceedings and inquiries are ongoing.

Bithumb competes domestically with Upbit, operated by Dunamu. The roadmap sets out steps the exchange intends to take to meet the standards expected by public investors and regulated markets before pursuing a public listing.