Upbit launches in Thailand just days after regulators suspended Bitkub
Crypto exchange Upbit is getting in the Thai market at a fortuitous time when the kingdoms most popular exchange, Bitkub, remains suspended by government regulators.According to reports in regional media, a joint-venture crypto exchange between Upbit APAC and a group of Thai billionaires launched operations on Wednesday, Jan. 20. It follows the regulatory suspension of the countrys most popular trading platform Bitkub on Monday, which had a reported 97% share of the marketplace prior to its closure. Upbit Thailand is owned by CP Group successor and owner of Fortune publication Chatchaval Jiaravanon, and 2 other high profile company magnates, Somphote Ahunai and Preecha Praipattaraku.CP Group is Thailands biggest corporation, managing the majority of the countrys food supply. It has fingers in a wide range of other pies, from federal government facilities jobs to telecoms to Covid-19 vaccines, and now crypto.Board member of Upbit Thailand, Praipattaraku, stated that the business made an application for a digital asset exchange license from the Thai SEC several months ago:” Its a coincidence we got authorization from the Securities and Exchange Commission at this time,” Bitkub has actually been Thailands leading exchange considering that the closure of BX Thailand in September 2019. The monetary regulator bought it to suspend services and repair issues relating to numerous recent outages during durations of high demand.Upbit is headquartered in South Korea and has operations in Singapore and Indonesia. Its Thai branch, backed with regional cash, has drawn in the interest of a large group of capitalists, according to Thai crypto leader and Satang exchange CEO, Poramin Insom. He told the Bangkok Post;” Investors in the cryptocurrency market dont have loyalty to any one market. They tend to open an account with every market and make more profit from arbitrage in between the markets. We are not scared of Thai rivals as much as foreign players such as Binance or Coinbase that have yet to enter the Thai market.” Smaller regional exchanges such as Zibmex and Kulap have actually reported an influx of clients this week. Bitkub resumed its mobile application on Wednesday, Jan. 20, with restricted services. Its website was still not functioning at the time of press, and when asked about the resumption of the trading platform, tech assistance could not provide a date.Title: Upbit introduces in Thailand simply days after regulators suspended Bitkub Sourced From: cointelegraph.com/news/upbit-launches-in-thailand-just-days-after-regulators-suspended-bitkubPublished Date: Fri, 22 Jan 2021 03:06:16 +0000
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