Crypto: South Korea's Bithumb pushes back Nasdaq IPO by at least two years

South Korea's second-largest cryptocurrency exchange, Bithumb, has postponed its planned Nasdaq initial public offering to no earlier than 2028, after a rocky start to 2026 that included a $28 million fine and a six-month suspension on new customer registrations tied to compliance breaches. "It is highly likely that the listing will take place after the start of 2028," a Bithumb spokesperson told South Korean newspaper Maeil Kyungjae, adding the company will spend the rest of this year and 2027 preparing for the listing. Bithumb had previously aimed to go public in the first half of 2026, with Samsung Securities serving as underwriter. The decision comes as uncertainty linked to the Middle East war continues to weigh on global IPO sentiment. Rival exchange Upbit has also signaled IPO plans after a proposed merger with technology heavyweight Naver.