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Bithumb targets a 2028 IPO after reorganizing internal controls

The South Korean exchange plans to seek a preliminary listing review in 2027 and switch to K-IFRS as part of preparations following a February customer crediting error.

Reported · Written up by our desk · Regulation

Bithumb said it plans to apply for a preliminary listing review in 2027 and complete an initial public offering in 2028, as it overhauls internal controls ahead of the process. The South Korean cryptocurrency exchange linked the IPO timeline to preparations that it says include reorganizing its business structure to clarify responsibilities and reduce potential conflicts of interest.

Bithumb said it has reorganized operations, including spinning off Bithumb Asset, and will upgrade internal controls. It also plans to shift from domestic accounting standards to K-IFRS, the international accounting framework used by listed companies in South Korea, with the timetable subject to market conditions and regulator review schedules.

The exchange pointed to earlier control failures during a February promotional error, when it mistakenly credited customer accounts with balances totaling 620,000 Bitcoin instead of distributing 620,000 Korean won in cash rewards. Bithumb said it recovered 99.7% of the erroneous credits, while customers sold about 1,788 BTC before accounts were frozen.

Bithumb also said its CEO, Lee Jae-won, told a Feb. 11 National Assembly parliamentary hearing that its process for checking a planned distribution against actual holdings failed, and that the promotional amount was not earmarked in a separate account. The company’s listing effort is taking place as other South Korean exchanges strengthen ties with traditional finance and technology groups.

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