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BTC The Bithumb cryptocurrency exchange is preparing for a 2028 initial public offering (IPO) after restructuring its business and formulating a two-year plan to strengthen accounting, compliance and risk control.
South Korea's largest cryptocurrency exchange said it expects to complete internal control upgrades and preparations for Korea's International Financial Reporting Standards by the end of 2026, and plans to apply for a preliminary listing review in 2027.
The marketing site has not yet been determined. Bithumb has previously considered Seoul's Kosdaq and New York's Nasdaq, while the latest schedule remains open to options. The company is working with securities firms, lawyers and accountants on valuations, legal reviews and listing requirements.
Clearer separation of trading and investment activities
The preparations follow a broader restructuring that separates Bithumb's core exchange business from its investment and asset management businesses. The company said the arrangement would clarify responsibilities, simplify governance and reduce potential conflicts of interest.
Bithumb also plans to expand the scope of regular disclosures to cover its financial condition, significant corporate developments and digital asset holdings. This is crucial for exchanges seeking public capital. Investors will expect to see evidence that client assets, company funds and related party transactions are clearly accounted for.
The plan was launched after regulators reviewed a mistransfer of Bitcoin worth approximately $40 billion. CEO Lee Jae-won admitted shortcomings in internal controls after the incident, adding to the pressure on the company to prove that operational safeguards have been improved before any listing review begins.
Recent exchange closures test listing prospects
Recent developments have brought close attention to the governance of cryptocurrency exchanges. BitMEX announced last month that it would close its trading platform on September 23, 2026, after conducting a strategic review of its business and the entire industry. BitMart, one of the oldest existing cryptocurrency exchanges, also announced last month that it would phase out all trading operations due to current market conditions. Binance faces another exit option. The world's largest cryptocurrency exchange failed to meet a July deadline to obtain authorization under the EU's Cryptocurrency Asset Markets Act (MiCA) framework and therefore stopped providing services to EU customers. It plans to apply for a license in another member state, but will not be able to provide its regular services in the region during this period.
These cases demonstrate that commercial pressure and stricter licensing standards can quickly restrict even mature trading platforms. For Bithumb, this raises the bar for a potential public offering. Public investors and regulators will review their balance sheets, custody arrangements, compliance procedures, and corporate governance more closely than customers in private crypto markets.
The timetable for 2028 still depends on market conditions and regulatory review. Bithumb's recent work is scheduled for 2026, and the exchange is expected to complete its accounting transformation and strengthen controls needed for the initial listing review.
