Bithumb's 2028 IPO Plan Walks Straight Into a 22% Tax Wall 🪜

South Korea's second-largest crypto exchange, Bithumb, has published a formal three-stage roadmap targeting a 2028 IPO, with internal controls in 2026 and a preliminary listing review in 2027, according to an official notice released on August 3, 2026. The exchange outlined a plan to complete advanced internal controls in 2026, file for a preliminary listing review in 2027, and achieve a full public offering in 2028.

The push follows a turbulent year for Bithumb, anchored by a February 2026 staff error during a promotional campaign that sent 620,000 Bitcoin, worth roughly $43 billion, to 249 users who were owed just 620,000 Korean won in BTC. The mistake temporarily crashed the local $BTC price by around 17% and exposed critical gaps in the exchange's internal verification systems. Bithumb recovered 99.7% of the phantom balances, covered a 1,788 BTC shortfall from corporate reserves, and established a ₩100 billion ($68 million) Customer Protection Fund for affected traders.

South Korean regulators responded with fines and a partial business suspension, later stayed by court order, while an industry-wide operational overhaul followed. The exchange has subsequently moved to adopt K-IFRS accounting standards as part of its governance rebuild ahead of any listing process.

The 2028 timeline collides with South Korea's 22% crypto gains tax taking effect January 1, 2027, a date confirmed by the Ministry of Economy and Finance. With capital gains taxation imminent, the exchange has framed governance strength, rather than trading volume, as the core selling point for prospective public investors. No underwriting bank, exchange venue, or target valuation has been disclosed in the August 3 notice.