Bithumb has previously adjusted its listing timeline multiple times, delaying its earlier targets to 2028, reflecting that the actual preparation costs for compliance, internal controls, and accounting standards for Korean crypto platforms are higher than expected. The K-IFRS conversion and strengthening of internal controls have become prerequisites for listing, indicating that regulatory requirements for trading platforms have extended from licensing to financial and governance levels.

In terms of capital pathways, resources are shifting from business expansion to institutional building and collaboration with intermediary agencies. The motivation is to meet the stringent standards of transparency and investor protection required by the public market, thereby opening wider institutional funding channels, rather than relying solely on existing crypto users and high-valued private placements.

Similar cases can be seen in the listing preparation paths of peers like Upbit and the prolonged preparation cycles faced by global exchanges after tightening regulations. The current Korean crypto industry is in a stage of "shifting from licensing competition to governance and financial standard competition."

This essentially reflects regulatory changes. The mechanism is that when exchanges seek public market financing, they must elevate their internal operational standards to the level of traditional financial institutions, thereby forcing the entire industry to accelerate institutionalization.

ABAB News · Cognitive Law

The true meaning of the listing timeline is that preparation costs are publicly acknowledged.
The ticket for crypto platforms to enter the public market is the governance standards of traditional finance.
Delayed listings are often not a retreat, but a process of re-pricing standards.