Bithumb has pushed its stock market listing past 2028, citing the need to overhaul its accounting systems and internal controls after a high-profile crypto payout error drew scrutiny from South Korean regulators.
Regulator Steps In After Industry AuditThe directive followed an emergency inspection triggered by Bithumb’s February blunder, in which the exchange accidentally sent 620,000 Bitcoin to 249 users during a rewards promotion.
What the inspection turned up across the broader industry alarmed regulators. Three of South Korea’s five largest exchanges were checking their books just once every 24 hours. Systems meant to pause trading when major discrepancies were detected were found to be inadequate.
High-risk activities — promotional payouts, for example — will need third-party reviews and sign-off from multiple internal levels before going through. High-risk accounts must be separated, and automated payment verification tools will become mandatory.
The FSC said it and the Digital Asset Exchange Alliance plan to finish drafting the updated rules before the end of April.
Bithumb Delays IPO, Naver Slows Share DealBithumb’s listing plans have now been pushed back at least three years from its original 2025 target. The exchange has brought in advisory firm Samjong KPMG and said it will spend 2027 focused on tightening its financial policies and controls before making another run at going public.
Separately, Naver Financial has delayed its planned share swap with crypto firm Dunamu by about three months. A shareholder vote is now set for Aug. 18, with the deal expected to close by Sept. 30.
South Korea has long been one of the most active countries in regulating crypto markets. These latest moves signal that pressure is intensifying — and that exchanges can expect less room for error going forward.
Featured image from Pixabay, chart from TradingView
