Summary
- Bithumb outlined governance reforms and accounting upgrades to support its planned 2028 initial public offering while strengthening compliance efforts.
- The exchange is building stronger risk management systems while restructuring business operations to reduce conflicts and improve financial stability before listing.
- An earlier promotional error triggered regulatory scrutiny as rival Upbit operator Dunamu advanced separate IPO preparations through a Naver Financial partnership.
South Korea’s Bithumb has placed governance reforms at the center of its planned 2028 initial public offering. The cryptocurrency exchange is strengthening internal controls, updating its accounting standards, and restructuring its operations to satisfy listing requirements while improving corporate transparency.
According to a notice published by Bithumb, the exchange has introduced a multi-year preparation plan supporting its public market ambitions. The company stated that the listing process aims to strengthen customer confidence while increasing long-term corporate value through improved governance.
During 2026, Bithumb will upgrade its internal control framework while transitioning from Korean Generally Accepted Accounting Principles to Korean International Financial Reporting Standards. Additionally, management will strengthen compliance procedures before advancing to the regulatory review stage.
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Bithumb Restructures Operations Before Listing Review
According to Bithumb, the exchange plans to request a preliminary listing review in 2027 before submitting its IPO application to the relevant authorities. It expects to complete the listing in 2028, although market conditions and regulatory approvals could still influence the timeline.
Besides updating its financial reporting, Bithumb is building a risk management framework designed to meet the standards expected of globally listed companies. The exchange stated that it is working with a leading domestic accounting firm to strengthen those systems.
Moreover, the company has reorganized its business structure to clarify responsibilities across operating divisions, simplify decision-making, and reduce potential conflicts of interest. It is also diversifying its business model while increasing liquid asset holdings to strengthen long-term financial stability.
Bithumb originally targeted a public listing in 2025 before extending its IPO timetable to 2028 as it refined its preparations.
Earlier this year, an employee mistakenly distributed approximately 620,000 BTC during a promotional campaign. Consequently, South Korea’s Financial Supervisory Service launched an investigation into the exchange’s internal controls and risk management procedures. The incident highlighted weaknesses in operational oversight and reinforced the need for stronger governance before pursuing a public listing.
Rival Exchanges Pursue Similar Goals
Meanwhile, Dunamu, the operator of South Korea’s largest cryptocurrency exchange Upbit, is also advancing its own IPO plans through a partnership with Naver Financial. Bithumb is also collaborating with domestic and international securities firms, law firms, and accounting firms on valuation, legal risk assessments, and listing preparations.
Bithumb’s latest roadmap shows that governance reforms now form the foundation of its IPO strategy. Stronger compliance standards, clearer accountability, and improved financial oversight remain central to the exchange’s effort to achieve a successful public listing in 2028.
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