Bithumb is now looking at an initial public offering sometime after 2028, a further slip from its earlier 2025 target, after a year of compliance trouble, board changes, and a costly internal blunder that briefly showed more than $40 billion in fake balances on its books.
Internal Error Raised Fresh QuestionsIt turned a routine systems failure into a public test of trust, and it arrived at a bad time for a company trying to convince regulators and investors that it is ready for the scrutiny that comes with a stock listing.
That mistake followed earlier pressure from South Korean authorities. Under CEO Lee Jae-won, Bithumb faced a six-month suspension and a $24 million fine tied to alleged anti-money-laundering breaches.
A Slower Road To The Market That language points to work that usually happens before a listing window opens, not after a target year has already passed. The change in pace also shows how much the exchange’s public debut now depends on proving basic governance, not just market demand.
The exchange is not the only one moving through the South Korean market with listing plans in view. Dunamu, the operator of Upbit, is also said to be preparing for an IPO after a share swap with Naver Financial, with September mentioned as a possible timing point.
Featured image from Moneyseth, chart from TradingView
