Bitkub gets suspended in Thailand and Upbit launches
Thai regulators suspended the most popular crypto exchange in Thailand while their rival Upbit shows up.
In an interesting coincidence, Upbit crypto exchange was introduced to the market when the leading crypto exchange, Bitkub, is suspended by the government.
Upbit crypto exchange which was the result of Upbit APAC and several billionaires which is interesting as it happened on Wednesday, Jan, 20 following Bitkub’s regulatory suspension. Bitkub held 97% of the market share before the suspension according to the local media.
CP Group heir, Chatchaval Jiaravanon (owner of Fortune magazine), Somphote Ahunai, and Preecha Praipattaraku are the owners of Upbit.
Thailand’s largest conglomerate, CP Group that has control over most of Thailand’s food supply. This company, which is now also part of the Crypto industry, is also active in other areas as well such as government infrastructure projects and even the Coronavirus vaccine.
According to reports, this company had applied for a license for a digital asset exchange months before this. "It's a coincidence we received permission from the Securities and Exchange Commission at this time,"
After the suspension of BX Thailand in 2019, Bitkub has been Thailand’s major exchange since then. BX was suspended and asked to fix some issues.
Upbit has several branches in different countries like Singapore, Indonesia, and of course Thailand whose headquarter is located in South Korea. The Thai branch has been the target for many investors in Thailand said Poramin Insom, the Satang exchange CEO;
"Investors in the cryptocurrency market don't have loyalty to any market. They tend to open an account with every market and make more profit from arbitrage between the markets. We are not afraid of Thai competitors as much as foreign players such as Binance or Coinbase that have yet to enter the Thai market."
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