Crypto exchange Bithumb has reportedly started its IPO work with Samsung Securities

South Korean cryptocurrency exchange Bithumb has reportedly begun its initial public offering (IPO) work with Samsung Securities as an underwriter.

Local media outlet MoneyToday reported the news on Wednesday. Specific details of the offering aren’t clear. The Block has reached out to Bithumb and Samsung to know more and will update this story should we hear back.

An anonymous official from the securities industry told MoneyToday that if Bithumb launches an IPO, there will be “marketability and valuation issues,” as well as “internal company issues and uncertainty about cryptocurrencies itself."

Bithumb Korea’s largest shareholder is Bithumb Holdings, with nearly a 74% stake, but the latter’s shareholders aren’t known, per the report. Bithumb is also known to have been involved in a court case. This year, the exchange filed a complaint against Korea’s National Tax Service, seeking to nullify a massive tax bill of over $69 million.

The IPO news, if true, would be Bithumb’s second attempt to go public. Last year, the exchange sought to list in the U.S. via a reverse merger deal, but that did not materialize.