- The worsening situation on the crypto market and internal problems have once again cancelled the crypto exchange’s plans. Bithumb IPO.
- The stock market listing was originally scheduled for 2025, but the deadline has now been postponed until 2028.
- Close scrutiny and fines from South Korean regulators also do not contribute to active development.
South Korean crypto exchange Bithumb transferred The IPO is being delayed until 2028 to “focus on preparing for the listing.” The stock market debut was originally planned for 2025.
Bithumb CFO Jeong Sang-gyun said at the annual shareholder meeting that the company is improving its accounting policies and internal controls in accordance with its IPO advisory agreement with Samjong KPMG.
The latest IPO postponement may be related to Bithumb’s continued scrutiny by regulators and oversight bodies. A number of incidents raise questions about internal controls and compliance.
So, in February, the crypto exchange made headlines after I mistakenly credited Many users’ accounts were credited with approximately 2,000 bitcoins instead of 2,000 South Korean won. Due to the error, over $40 billion briefly appeared on the exchange’s internal balance sheet, although most of the funds existed only on the exchange’s internal ledger and were later returned.
This year Bithumb was fined for 36,8 billion won (approximately $24,5 million) for violating anti-money laundering regulations. The exchange allegedly processed 45,772 cryptocurrency transfers involving 18 unregistered overseas service providers in violation of regulations.
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