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South Korea\u2019s second-largest crypto exchange has postponed its plans to go public by at least two years.<\/p>\n
The firm had planned<\/u> to launch an initial public offering on the US-based Nasdaq stock exchange in the first half of 2026. But following a calamitous start to the year, with the firm facing fines and suspensions for compliance violations, shareholders have agreed to put its IPO plans on ice.<\/p>\n
\u201cIt is highly likely that the listing will take place after the start of 2028,\u201d a Bithumb spokesperson told<\/u> South Korean newspaper Maeil Kyungjae<\/em>. \u201cWe will focus on preparing for the listing for the remainder of this year and in 2027.\u201d<\/p>\n Conversely, Bithumb\u2019s closest and most bitter rival, Upbit, has unveiled its own ambitions to launch an IPO after it completes<\/u> a proposed merger with the domestic tech giant Naver.<\/p>\n Bithumb said it would strengthen its accounting policies and internal controls ahead of its new, flexible deadline.<\/p>\n \u201cAs we are pursuing the domestic crypto industry\u2019s first-ever stock exchange listing,\u00a0 we need to conduct extremely thorough internal verification checks,\u201d Bithumb\u2019s chief financial officer Jeong Sang-gyun told shareholders.<\/p>\n Unnamed financial experts told Maeil Kyungjae<\/em> Bithumb\u2019s delay was a \u201cstrategic move\u201d aimed at optimising the timing of the IPO.<\/p>\n The move will help Bithumb choose a listing time that helps it \u201cmaximise corporate value,\u201d the experts said.<\/p>\n The South Korean crypto industry expects major changes<\/u> this year, with stablecoin regulations and other rule changes in the pipeline.<\/p>\n A tumbling<\/u> won and uncertainty<\/u> in Seoul about the direction of the war in the Middle East are further complicating factors.<\/p>\n And with Bithumb still recovering from early-year headaches, the firm\u2019s executives want more breathing space.<\/p>\n Financial regulators have decided to punish<\/u> Bithumb\u2019s compliance violations with a six-month ban on new customer registrations, as well as a $28 million fine.<\/p>\n The firm has also been the subject of a consumer watchdog probe<\/u> into its advertising claims.<\/p>\n It has also faced regulatory scrutiny after a fat-finger error that saw it accidentally gift<\/u> hundreds of customers $40 worth of Bitcoin.<\/p>\n Despite the early-year gloom, Bithumb enjoyed a largely positive financial year in 2025.<\/p>\n In its report to shareholders, the firm said its domestic market share now exceeds 30%, with 1.74 million new customers opening accounts in FY2025.<\/p>\n The company also posted net profits of $52 million, with sales up by 24% year-on-year.<\/p>\n Although shareholders expressed keenness to delay the IPO, there were also rumblings of discontent at the meeting.<\/p>\n<\/p><\/div>\n Bithumb once again decided against paying shareholder dividends despite its positive 2025 results.<\/p>\n \u201cOur competitor [the Upbit operator] Dunamu pays dividends. But there has been no news on this front from Bithumb, which has only paid dividends once to date,\u201d a shareholder said.<\/p>\n To this, Bithumb CEO Lee Jae-won responded that Bithumb has been concentrating its capital on \u201cexpanding the company\u2019s market share and increasing corporate value.\u201d<\/p>\n Upbit, meanwhile, says its proposed merger with Naver has been hit with a three-month delay as regulators continue to deliberate on the deal.<\/p>\n Dunamu said it expected the merger to complete in September, South Korean media outlet Digital Today<\/em> reported<\/u>.<\/p>\n Officials told shareholders they would pursue an IPO \u201cimmediately\u201d after the merger is finalised.<\/p>\n