Bithumb now targets 2028 IP after major internal restructuring

South Korea’s largest crypto exchange Bithumb said Monday it is preparing for a 2028 initial public offering (IPO) following a major internal reorganization to strengthen control and adoption of international account standards.

Seoul-based Bithumb did not reveal where it plans to launch the IPO. However, it did say it is working with domestic and international securities, law and account firms on the IPO process. Last year, Bithumb was said to be considering a NASDAQ listing, and later changed its plans to a listing on South Korea’s Kosdaq first.

CoinDesk approached Bithumb via email for more information, including where it plans to list its IPO, but had not received a response as of press time.

The crypto trading platform also said it plans to complete its risk management systems assessments and meet domestic and international account standards by the end of 2026. It then plans to apply for a preliminary listing review in 2027, with the IPO targeted for 2028.

Bithumb said the timetable could change depending on market conditions and regulators’ reviews.

Earlier this year, Bithumb faced major regulatory challenges following a $40 billion blunder that left the exchange open to potential sabotage as it failed to prevent the mistaken transfer of the massive amount of bitcoin. Its CEO Lee Jae-won admitted to “a deficiency in internal control.”

Bithumb announced plans to split its core crypto trading platform business from other activities in early 2025 as it restructured the company ahead of an IPO it was initially aiming to list that same year.