Upbit Captures Thai Crypto Market As Largest Crypto Exchange Gets Suspended
- Upbit enters the Thai crypto market.
- Thai financial regulators suspend Bitkub for its technical issues.
Reports making the rounds say that Upbit APAC and some Thai billionaires have launched a joint-crypto exchange venture that began work on January 20. This comes at a time when the leading exchange in the country, Bitkub, has been suspended by the authorities.
Bitkub’s suspension was announced earlier this week with the authorities ordering the crypto exchange firm to iron out its technicality issues that resulted in outages. Bitkub reportedly has a lion share of the Thai crypto market, it is said to control close to 97% of the market making its suspension a problem for the crypto community.
Upbit arrives in Thailand
Upbit’s branch in Thailand is owned by Chatchaval Jiaravanon, who is the heir of CP Group and also the owner of Fortune Magazine. Other co-investors in the crypto exchange firm are Somphote Ahunai and Preecha Praipattaraku, who are both high profile businessmen.
Praipattaraku made it known that Upbit had applied for an exchange license from the Thai authorities a very long time ago. He added that it was just a mere coincidence that the approval came in the week when Bitkub’s suspension was announced.
With the entrance of the company into the Asian country, it just could be able to usurp Bitkub in the market.
Bitkub woes mirrors BX Thailand
In Thailand, it is almost impossible for a crypto exchange to remain as the dominant force in the market. First BX Thailand saw its dominance curtailed with a suspension in 2019. Bitkub took over the void and was on the ascendancy until it was hit with its own suspension too.
Upon the suspension of the current market leader, smaller exchanges saw an increase in the numbers of their customers. These customers were seeking an alternative source where they could carry out their transactions.
Now, with Upbit entrance into the Thai market, the firm would be looking to fill the vacuum left by those firms.