South Korean cryptocurrency exchange Bithumb has outlined a comprehensive roadmap to complete its initial public offering in 2028, following a major internal reorganization to strengthen control and adoption of international account standards. According to reports from Bithumb, the exchange is working with leading domestic and international securities, law and account firms to build a risk management framework and convert its financial reporting from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS). The company has also reorganized parts of its corporate structure by splitting its core crypto trading platform business from other activities in early 2025 as it restructured ahead of the IPO it was initially aiming to list that same year. As reported by CoinDesk, the exchange did not reveal where it plans to launch the IPO, though it was previously considering a NASDAQ listing before changing plans to a listing on South Korea's Kosdaq first.
As outlined by Bithumb, the IPO roadmap spans three years, beginning with the completion of internal control improvements and K-IFRS conversion preparations in 2026. The company intends to apply for a preliminary listing review in 2027 before targeting the completion of its IPO in 2028. According to the exchange, the schedule could change depending on market conditions and regulatory review timelines. The company has signed an IPO advisory agreement with Samjong KPMG that runs through the end of 2027 as preparations continue. Earlier this year, Bithumb faced major regulatory challenges following a $40 billion blunder that left the exchange open to potential sabotage as it failed to prevent the mistaken transfer of the massive amount of bitcoin. CEO Lee Jae-won admitted to "a deficiency in internal control."
As a first step in its roadmap, Bithumb announced plans to upgrade its customer asset management system to prioritize the safety of customer assets and the reliability of transactions. The company plans to overhaul its internal control framework and strengthen its asset protection systems to improve transaction stability. According to the exchange, these upgrades are designed to build a stable growth foundation that is resilient to market volatility. The company also intends to diversify its revenue streams and shore up its financial health to support sustainable operations after the IPO. The crypto trading platform also plans to complete its risk management systems assessments and meet domestic and international account standards by the end of 2026. As part of its restructuring efforts, Bithumb has spun off its asset management unit as a separate entity, Bithumb Asset, which separates responsibilities and reduces potential conflicts of interest ahead of the listing review.
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 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. Earlier enforcement action resulted in a 36.8 billion won penalty over anti-money laundering deficiencies involving customer due diligence and transaction monitoring. The exchange did not reveal where it plans to launch the IPO, though it was previously considering a NASDAQ listing before changing plans to a listing on South Korea's Kosdaq first.
Bithumb said the IPO is intended to demonstrate management transparency and strengthen trust among customers rather than simply increase the company's size. The exchange has simplified its business structure to reduce potential conflicts of interest while improving corporate governance ahead of the listing review. 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 company plans to establish a management framework aligned with global capital market standards and adopt Korean International Financial Reporting Standards to build advanced disclosure infrastructure. According to Bithumb, the IPO represents an opportunity to fundamentally improve the company, stating it will build a trading environment where customers can use services with confidence while growing into a company that fulfills social responsibilities. The plan comes as Japan and South Korea explore a broader digital asset framework, which could smooth Bithumb's path toward institutional-grade compliance.
