South Korea’s Bithumb outlines a three-year plan for a stock market listing after facing $24.5 million in fines and legal challenges.
Bithumb, South Korea’s second-largest cryptocurrency exchange, announced a roadmap to go public by 2028. The plan includes upgrading internal controls this year, adopting K-IFRS accounting standards in 2026, and undergoing a preliminary listing review in 2027.
The exchange faces regulatory headwinds, including a $24.5 million fine in March and its CEO being named a bribery suspect in June. Bithumb has also separated its asset management unit to address conflicts of interest and improve transparency.
Bithumb competes with Upbit, operated by Dunamu, in South Korea’s domestic crypto market. The IPO timeline follows a February incident where a system error credited users with Bitcoin they did not own, drawing lawmaker criticism.