Bitkub gets suspended in Thailand and Upbit launches

Thai regulators suspended the most popular crypto exchange in Thailand while their rival Upbit shows up.

Share

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."

Categories

Crypto Currency(5)

Latest News

Elon musk tweets, Dogecoin falls

Tesla and SpaceX CEO caused a huge drop in Dogecoin price after his last tweet. He had previously tweeted and caused a drastic rise in its price. ...

FEB 15, 2021

Crypto Market skyrockets and Withdrawals are frozen and major services suspended by Binance

Binance which is a very well-known exchange has shut down its services temporarily for maintenance on its platform. This occurred when market hits ATH retail in ...

FEB 11, 2021

Stablecoin Payments must be included in the Credit Card Companies payment methods or they would fail

The factor that is not in keeping with blockchain's peer-to-peer model, the fee strategy, maybe where payment companies can’t compete with stablecoin payment ne ...

FEB 05, 2021

Elon Musk’s recent Tweets might yield Double-Digit profit for Doge and Bitcoin

Mr. Billionaire who is also Tesla’s head has had some activity on his account which has caused a lot of debate and on top of that unusual volumes of trading obs ...

FEB 05, 2021

Tags

Cryptocurrency exchange

Tags

Cryptocurrency exchange