TechFlow News, April 2nd: According to The Block, South Korean cryptocurrency exchange Bithumb confirmed at its annual general meeting that its IPO plan has been postponed to after 2028—significantly delayed from the previously anticipated second half of 2025.
Bithumb’s Chief Financial Officer Jeong Sang-gyun stated that the company remains in the preparatory phase, with key priorities including strengthening accounting policies, improving internal controls, and conducting a comprehensive internal audit. Bithumb has also signed an IPO advisory agreement with Samjong KPMG, extending its validity through the end of 2027.
Behind this listing delay lie multiple internal issues that cannot be overlooked. Earlier this year, Bithumb mistakenly distributed approximately 620,000 BTC (valued at roughly $43 billion at the time) as promotional rewards to users due to an operational error. Although the majority of the funds have since been recovered and a dedicated task force established, the incident has triggered a special investigation by South Korea’s Financial Supervisory Service (FSS) into Bithumb’s internal controls and risk management. Concurrently, the Financial Intelligence Unit (FIU) imposed a fine of approximately 36 billion KRW (about $27 million) and ordered partial suspension of business operations; Bithumb is currently evaluating whether to file an appeal.
