Bithumb
NO.19South Korean crypto exchange offering spot trading and yield services
Disclosure
Token Information Disclosure
Trading Data Analysis
$505M
$460M
Asset & Security Disclosure
Platform Information Disclosure
Asset List
| Token | 24H Volume | 7D Volume % | Transparency Rating | Label |
|---|---|---|---|---|
| U USDTTether | $51,804,120,045 | 0.01% | A | |
| B BTCBitcoin | $27,585,448,084 | 0.85% | A | |
| U USDCCircle | $15,807,814,659 | 0.00% | A | |
| E ETHEthereum | $10,081,679,847 | 4.65% | A | |
| X XRPRipple | $1,483,697,971 | 4.41% | A | |
| B BNBBinance | $1,373,959,641 | 2.33% | A | |
| N NEARNEAR Protocol | $760,341,507 | 8.32% | A | |
| S SUISui | $688,284,958 | 7.44% | A |
Fundraising
About Bithumb
Bithumb, South Korea's second-largest crypto exchange, has pursued an IPO since 2023, targeting a 2028 listing. The company has adopted K-IFRS accounting standards and strengthened internal controls, with Kiwoom Securities investing via a third-party placement. Regulatory scrutiny has been a recurring theme: in 2024, police investigated CEO Lee Jae-won for alleged bribery, and separately probed lawmaker interference in hiring. These cases highlight persistent governance challenges. On the business side, Bithumb has expanded its KRW market listings, including tokens like SPACE, CTR, HNT, and BILL, reflecting efforts to diversify offerings. However, financial performance has been volatile—first-half 2026 revenue fell ~49% year-on-year, with a net loss of 108.7 billion won in Q2, underscoring sensitivity to market cycles. Long-term strategic moves include a partnership with SSID for a compliant platform in Vietnam, signaling regional expansion beyond Korea.
Over the past six months, Bithumb focused on IPO preparation and compliance remediation. In August 2026, it announced a roadmap: complete internal control upgrades and K-IFRS accounting conversion during 2026, submit a preliminary listing review in 2027, and target an IPO in 2028.
Financially, H1 2026 revenue fell 48.7% YoY to KRW 168.8 billion, with a net loss of KRW 108.7 billion; Q2 net loss was KRW 21.8 billion, though operating profit remained positive.
On regulatory matters, the FIU fined Bithumb KRW 36.8 billion and imposed a six-month partial business suspension for AML violations, which the Seoul Administrative Court has stayed. The PIPC also fined it KRW 2.1 billion for cross-border data transfer violations, while the FSS reviewed its ledger and risk controls.
In governance, Bithumb set up a KRW 100 billion user protection fund, planned a new auditor, and doubled its bond issuance cap to KRW 300 billion. It also spun off investment operations into Bithumb Asset, which posted KRW 16.9 billion net profit in H1. Several brokerages, including Kiwoom and Samsung Securities, are in talks to invest.
Future priorities: adhere to the IPO timeline, strengthen accounting and compliance, disclose financials and holdings regularly, and diversify revenue beyond trading fees to weather market volatility and regulatory changes.
Backyoung Heo (CEO)
Backyoung Heo is the current Chief Executive Officer of Bithumb, a leading cryptocurrency exchange in South Korea. Based on his LinkedIn profile, he has extensive experience in financial services and IT security. Prior to Bithumb, he served as Senior Vice President at Vaultrust, a blockchain custody service, and held roles at ING Securities and Citi, including Head of IT Department and Manager of Information Security & IT Planning. He also held positions such as Chief Privacy Officer and Chief Information Security Officer. His career spans over 24 years, with expertise in information security, compliance, and technology management.