Bithumb crypto exchange stretches IPO timeline to 2028
South Korean exchange Bithumb has delayed its planned initial public offering to 2028 amid internal control challenges and regulatory scrutiny.Summary
South Korean cryptocurrency exchange Bithumb has postponed its IPO plans until 2028. CFO Jeong Sang-gyun confirmed the company is currently in a preparatory phase, focusing on strengthening accounting policies and internal controls. The delay follows an advisory agreement with Samjong KPMG that extends through 2027.
The exchange is navigating significant internal and regulatory hurdles, including a recent "fat-finger" error that led to the mistaken distribution of Bitcoin to users. This incident triggered an investigation by the Financial Supervisory Service. Additionally, Bithumb faces a substantial fine and partial business suspension from the Financial Intelligence Unit, further complicating its path to a public listing.
(Source：The Block)