Due to legal challenges and reorganisation, South Korean cryptocurrency exchange Bithumb has reportedly postponed its initial public offering (IPO) until after 2028.
The business would “focus on preparing for the listing until 2027”, according to a statement made by a Bithumb representative, as reported by Maeil Business News Korea on Tuesday.
Bithumb was “strengthening accounting policies and internal controls” in response to an IPO advisory contract with Samjong KPMG, CFO Jeong Sang-gyun said at the company’s annual shareholder meeting.
Although shareholders confirmed CEO Lee Jae-won’s appointment for a two-year term at the Tuesday meeting, Bithumb had initially planned for an IPO in 2025. Under Lee, South Korean authorities fined the exchange $24 million and suspended it for six months for allegedly violating anti-money-laundering laws.
A major South Korean exchange going public could impact local markets and the country’s adoption of cryptocurrencies. According to reports, Dunamu, the company behind the cryptocurrency exchange Upbit, is preparing for an IPO after a share swap with Naver Financial that is anticipated in September.
In February, Bithumb gained notoriety when it accidentally credited numerous users with roughly 2,000 Bitcoin rather than 2,000 South Korean won.
Although the majority of the funds only existed on the exchange’s internal ledger and were subsequently reversed, the miscalculation momentarily created internal balances of more than $40 billion.
After Lee Jae-myung became president of South Korea in June 2025, his political party moved swiftly to propose laws pertaining to the issuance of payment stablecoins.
South Korean lawmakers initially proposed a tax hike on crypto gains expected to take effect in 2021. However, the measure has faced repeated delays and may be scrapped entirely, according to reports from March.
Source: X.com
Stay informed with the latest trends in Web3, blockchain innovation, and cybersecurity updates at 3verseTV
You need to login in order to Like
Leave a comment