Bithumb has set out a three-year plan to complete an initial public offering in 2028, with the South Korean cryptocurrency exchange prioritising stronger governance, improved financial reporting and tighter internal controls before seeking a public listing.
The exchange is working with leading domestic accounting firms to establish a risk-management framework and prepare to move from Korean Generally Accepted Accounting Principles (K-GAAP) to Korean International Financial Reporting Standards (K-IFRS).
It also plans to reinforce its compliance and internal-control systems as part of the preparations. Bithumb said these changes are intended to improve transparency and strengthen customer confidence, rather than simply expand the size of the business.
The company has reorganised parts of its corporate structure by spinning off Bithumb Asset. The move is designed to clarify responsibilities between business units and reduce possible conflicts of interest. Bithumb is also broadening its business model and increasing its liquidity reserves to improve financial stability before the planned listing.
Under the roadmap, 2026 will focus on completing improvements to internal controls and preparing for the conversion to K-IFRS. Bithumb said it intends to submit a preliminary listing application and complete the necessary audits in 2027, before aiming to finish the IPO in 2028.
The timetable remains subject to market conditions and the length of regulatory reviews.
Bithumb said it would regularly publish information about its financial position, key management issues and cryptocurrency asset holdings. It is also working with domestic and international securities firms, law firms and accounting firms to assess its corporate value, examine legal risks and prepare for the preliminary listing review.
The latest announcement follows comments made in April by Bithumb chief financial officer Jeong Sang-gyun, who said the exchange was targeting a 2028 listing. Bithumb has also signed an IPO advisory agreement with Samjong KPMG, which runs until the end of 2027.
Earlier this year, South Korean media reported that Kiwoom Securities was negotiating to acquire a stake in Bithumb through a planned purchase of newly issued shares. ChosunBiz reported that the two companies were discussing the size of the investment and the resulting ownership percentage, although no final agreement had been reached at that stage.
Bithumb said its preparations include more frequent communication with investors, regulators, customers and the media. It believes regular business updates and public disclosures will provide the market with more consistent information throughout the listing process.
The exchange said stronger compliance procedures and institutional-level risk-management systems would help protect customer assets and support sustainable operations after the IPO.
The plans are being developed while Bithumb deals with regulatory scrutiny in South Korea. In June, the Personal Information Protection Commission imposed a 210 million won fine, worth about $136,000, after finding that the exchange had breached rules governing the overseas transfer of personal information.
The regulator ordered Bithumb to revise its cross-border data-transfer procedures. Its investigation found that, during order-book sharing between September and November 2025, users had consented to overseas transfers involving Stellar, but member numbers and order information were instead sent to infrastructure operated by BingX.
The commission also examined virtual-asset transfers involving 13 overseas exchanges. It concluded that customer information shared for anti-money-laundering checks had not fully met legal requirements relating to consent and notification.
The privacy case followed an earlier enforcement action in which South Korean regulators issued a 36.8 billion won penalty over anti-money-laundering shortcomings. Those deficiencies involved customer due diligence, transaction monitoring and transfers connected to unregistered overseas virtual-asset service providers.
Alongside the privacy ruling, the Personal Information Protection Commission published blockchain privacy guidelines covering on-chain disclosures, the sharing of participant data, tracking risks and privacy safeguards to consider when blockchain services are designed.
Bithumb’s proposed listing also comes as South Korean lawmakers continue work on rules for the digital-asset industry. The proposed Digital Asset Basic Act aims to create a comprehensive legal framework for cryptocurrencies.
Under proposals discussed so far, a single shareholder’s ownership in a cryptocurrency exchange would generally be limited to 20%. Ownership of up to 34% could be allowed in certain circumstances, although the conditions remain under review.
Established financial institutions have also become more active in the sector. Hana Bank previously disclosed plans to acquire a stake in Dunamu, the operator of Upbit, while South Korean media reported that three Samsung affiliates also intended to invest in the company.
International firms have increased their involvement as well. OKX Ventures has announced an investment in Coinone, and Binance has completed its acquisition of Gopax after years of regulatory delays.
