As South Korea’s crypto market now spans more than 16 million local accounts, Bithumb has officially pushed its IPO timeline past 2028. Between AML fines, a historic 620,000 BTC crediting glitch and 24 % revenue growth, the exchange is betting on compliance before any Nasdaq move.
🔑 Key takeaways
- Bithumb’s IPO has been officially delayed past 2028, far from the initial 2025 target.
- The exchange faces multiple sanctions: a six-month suspension, a $24M fine and a separate $27M penalty from the FIU.
- In February 2025, a glitch credited users with roughly 620,000 BTC (~$43B) instead of $1.50.
- 2025 revenue reached $430M (+24 %) and domestic market share now exceeds 30 %.
- Rival Dunamu (Upbit) is finalizing its own IPO with Naver Financial in September 2025.
A strategic delay to optimize the market window
At the May 19, 2025 annual general meeting, CFO Jeong Sang-gyun told shareholders that Bithumb would focus on IPO preparation through 2027. The exchange signed an advisory contract with Samjong KPMG, one of Korea’s Big Four, running through the end of 2027. A Bithumb spokesperson told Maeil Kyungjae that the listing would ‘most likely’ happen after the start of 2028.
This new timeline significantly departs from prior targets: a second-half 2025 listing was initially planned, followed by a first-half 2026 Nasdaq debut that was postponed sine die. The IPO schedule has slipped by nearly three years compared with the original plan, a considerable delay for an exchange ranked among the global top five by spot volumes, which now has to navigate a much stricter regulatory environment.
| Timeline | Target | Status |
|---|---|---|
| H2 2025 | Initial IPO | Abandoned |
| H1 2026 | Nasdaq listing | Postponed sine die |
| 2027 | Accounting prep | Underway with Samjong KPMG |
| 2028+ | New official target | Likely per management |
“It is very likely that the listing will happen after the start of 2028.”
Bithumb spokesperson, Maeil Kyungjae
AML fines and compliance: the price to pay
This additional delay is not an opportunistic choice but a regulatory necessity. South Korean authorities have imposed a six-month operational suspension and a $24 million fine on the platform for alleged anti-money-laundering (AML) violations. The Financial Intelligence Unit (FIU) later added an extra fine of roughly 36 billion won ($27 million) along with a partial suspension of activities.
Executives said they were reviewing options to contest the sanctions while strengthening accounting policies and internal controls. Shareholders also reappointed CEO Lee Jae-won for a second two-year term, a sign of face-value support despite the regulatory pressure. Under his leadership, Bithumb has seen its image damaged by multiple fines and by the heavy media coverage of the February 2025 technical incident.
The 620,000 BTC glitch: when an error becomes political
In February 2025, Bithumb made headlines over a spectacular crediting error. During a promotional campaign, the platform mistakenly credited users with around 620,000 BTC, worth about $43 billion at the time, instead of the 2,000 Korean won (~$1.50) originally intended. This entry produced internal balances exceeding $40 billion on some accounts.
Most of these funds only existed on the exchange’s internal ledger and were reversed within hours. The incident nonetheless triggered an investigation by the Financial Supervisory Service (FSS) into Bithumb’s internal controls and risk management. The exchange said it had recovered most of the funds and set up an internal task force to prevent similar incidents, a step now seen as essential before any IPO.
Solid financials but no dividends
Despite the turbulence, Bithumb posted solid 2025 financial results. The company reported revenue of about 651 billion won ($430 million), up 24 % year-on-year. Domestic market share now exceeds 30 %, supported by 1.74 million new accounts opened during the year. Net profit reached $52 million, a respectable level but far from the record profits booked during the previous bull cycle.
Shareholders nonetheless voiced frustration over management’s refusal to pay dividends. One shareholder noted that rival Dunamu (Upbit) had been paying dividends regularly, while Bithumb had only done so once to date. CEO Lee Jae-won replied that the company was channeling capital into expanding market share and corporate value before the IPO, a standard justification that did not fully convince the room.
Korean context: stablecoins, tax and Upbit rivalry
On the policy front, South Korean President Lee Jae-myung, who took office in June 2025, has introduced legislation on payment stablecoins that could reshape the local market by imposing strict rules on won-backed issuers. A crypto gains tax, repeatedly proposed since 2021 and delayed several times, may also be fully scrapped according to March 2025 reports. Such a tax clarification would be a positive signal for any Korean crypto IPO.
In the competitive landscape, Dunamu (Upbit) is pushing ahead with its own IPO under a strategic alliance with Naver Financial, with completion expected in September 2025, although that timeline slipped by three months due to regulatory deliberations. Dunamu said it would pursue an IPO ‘immediately’ after the merger closes. Unnamed financial experts called Bithumb’s postponement a ‘strategic move’ aimed at optimizing timing and maximizing corporate value, a reading that contrasts with the image of an exchange under pressure.
Conclusion: towards an IPO in 2028 or beyond
Bithumb’s decision to push its IPO past 2028 highlights the complexity of taking a crypto exchange public in a tightening global regulatory environment. On one side, the platform posts solid fundamentals, with 24 % revenue growth, more than 30 % market share and an expanding user base, that would justify a quick listing. On the other, the cascade of AML fines and the 620,000 BTC glitch demand long and costly compliance work before any public exposure.
Looking ahead, two scenarios emerge: an effective IPO sometime in 2028 if South Korea clarifies its crypto tax framework and Upbit successfully paves the way, or further slippage if new sanctions pile up. For investors, the key is Bithumb’s ability to convert compliance progress into a durable competitive edge against Upbit, its domestic rival that is already further along in the listing process.
Sources
This article is for informational and educational purposes only. It does not constitute investment advice. Do your own research (DYOR) before making any decision.
