South Korean cryptocurrency exchange Bithumb has published a formal three-stage roadmap that targets completion of an initial public offering in 2028. The plan centers on upgrading internal controls, converting financial reporting standards, and preparing for regulatory review, according to a company notice released this week.

The exchange, one of the country’s largest platforms for won-based crypto trading, stated that the schedule remains subject to change depending on market conditions and the timelines of relevant authorities. It is collaborating with external securities firms, law firms, and accounting advisers as part of the process.

Three-Stage Timeline for Listing Preparations

Under the roadmap, Bithumb aims to finish upgrades to its internal control systems and complete preparations for the transition from Korean Generally Accepted Accounting Principles to Korean International Financial Reporting Standards, or K-IFRS, during 2026. The following year is set for filing a preliminary listing review and completing associated audits. The full IPO is targeted for 2028.

This marks the third revision of the company’s public listing timeline. Earlier plans had focused on a potential debut in the second half of 2025, later adjusted toward 2027. The exchange previously explored options including a Nasdaq listing before shifting attention toward a domestic path on South Korea’s Kosdaq market, though no final venue has been confirmed in the latest notice.

Internal Restructuring and Risk Management Focus

As part of the preparations, Bithumb has reorganized its business units, including the spin-off of Bithumb Asset into a standalone entity. The move is intended to clarify responsibilities across operations and reduce potential conflicts of interest. The company is also working to strengthen risk management systems to levels expected of institutional financial firms, diversify revenue sources beyond trading activity, maintain liquid asset reserves, and expand regular disclosures of financial performance, management decisions, and cryptocurrency holdings.

Bithumb has engaged Samjong KPMG under an advisory agreement running through the end of 2027 to support the accounting transition and related work. Chief Financial Officer Jeong Sang-gyun had previously noted the need for improved accounting policies and internal governance before advancing listing plans.

Operational Incident and Regulatory Scrutiny

The accelerated focus on controls follows a February 2026 operational error during a promotional campaign. An employee mistakenly credited customer accounts with balances totaling approximately 620,000 bitcoin, valued at roughly $40 billion to $43 billion at the time, rather than a far smaller amount denominated in Korean won. The exchange recovered about 99.7 percent of the erroneous credits, covered the remaining shortfall of around 1,788 bitcoin from its own reserves, and established a customer protection fund.

The incident prompted examination by South Korea’s Financial Supervisory Service of the exchange’s internal controls and risk management practices. Separately, regulators imposed fines, including a penalty of roughly 36 billion won related to anti-money laundering deficiencies and a smaller fine of about 210 million won concerning personal information transfers. Company leadership acknowledged deficiencies in verification processes at the time.

Financial Position and Market Context

Bithumb reported revenue of approximately 651 billion won, or about $430 million, for 2025, representing a year-over-year increase of more than 30 percent. Operating profit also rose, though net profit was affected by valuation changes on crypto assets held on the balance sheet. The platform holds a significant share of South Korea’s crypto exchange market, recently reported above 30 percent in some periods, supported in part by a banking partnership with KB Kookmin Bank that helped expand its user base.

Trading volumes across major South Korean exchanges declined in the first half of 2026. Competition remains active, with other platforms pursuing their own strategic and listing-related developments amid evolving domestic rules, including a planned 22 percent capital gains tax on cryptocurrency gains set to take effect in January 2027.

Bithumb has described the public listing process as an opportunity to demonstrate transparency and build lasting trust with users and the market, rather than solely a means of expanding scale. The company continues to emphasize measurable progress on governance, compliance, and financial reporting standards as it advances through the outlined stages.