Key facts
- Bithumb aims for an initial public offering (IPO) by 2028.
- The exchange will upgrade internal controls and prepare for international accounting standards by the end of 2026.
- A preliminary listing review is planned for 2027.
- Bithumb faced a $24.5 million fine and a blocked business suspension order for AML/KYC failures.
- CEO Lee Jae-won is under investigation as a bribery suspect.
- South Korea will implement a 22% tax on crypto gains starting January 1, 2027.
South Korea's largest cryptocurrency exchange, Bithumb, has announced a formal three-stage roadmap with the goal of achieving an initial public offering (IPO) by 2028. The exchange plans to complete advanced internal controls and prepare for global accounting standards by the end of 2026, file for a preliminary listing review in 2027, and then proceed with a full public offering in 2028.
This roadmap follows a period of significant regulatory and operational challenges for Bithumb. The exchange was fined $24.5 million by financial regulators for anti-money-laundering and know-your-customer failures, though a court later blocked a six-month partial suspension order. Additionally, CEO Lee Jae-won is under investigation as a bribery suspect.
Bithumb is implementing changes to rebuild trust and meet global standards, including strengthening risk management, transitioning to K-IFRS accounting, and separating business lines by spinning off Bithumb Asset. The exchange is also engaging underwriters and legal counsel to support its IPO ambitions.
The IPO push coincides with South Korea's upcoming implementation of a 22% tax on cryptocurrency gains starting January 1, 2027, for individuals earning over KRW 2.5 million ($1,740) annually. This regulatory shift is expected to influence trading volumes and compliance requirements for exchanges like Bithumb.