How Thai Crypto Unicorn Bitkub Plans to Become the Coinbase of Asia
Thailand startup Bitkub Capital Group Holdings, founded in 2018, hit unicorn status last month notching up a valuation of over $1 billion. Now the crypto exchange intends to expand over Malaysia, the Philippines, and Laos, aiming to become “the Coinbase of Southeast Asia”, said the chief executive officer Jirayut Srupsrisopa. The Bangkok-based crypto exchange is aiming for huge growth during 2022 as it looks for the possibilities for partnership in Southeast Asia and setting up its own units, Bloomberg reported. Part of the strategy focuses on monopolizing in countries that lack....
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The financial regulator ordered the Bitkub exchange to close and fix issues that caused several outages as prices spiked this month.
“The act of Mr. Wajanasathian is an offense of buying KUB coins by being a person who knows or possesses inside information,” said Thailand's financial regulator. Thailand’s Securities and Exchange Commission, or SEC, announced enforcement actions against the chief technology officer of crypto exchange Bitkub, who allegedly used insider information around the purchase of Bitkub Coin (KUB).In a Tuesday announcement, the Thai SEC said it had fined Bitkub chief technology officer Samret Wajanasathian 8,530,383 baht — roughly $234,000 at the time of publication — and intended to bar him from....
The company that owns Thailand’s Siam Commercial Bank has postponed a deal to acquire a majority stake in Bitkub, the country’s largest cryptocurrency exchange. The decision comes amid tightening crypto regulations that limit growth in domestic crypto trading.
SCB Postpones Acquisition of Thai Crypto Exchange Bitkub
The parent company of Siam Commercial Bank, SCB X, has delayed a 17.85-billion-baht ($487 million) bid to acquire 51% of the largest crypto exchange in Thailand, Bitkub. The bank, which is the kingdom’s oldest lender, postponed the deal....
2022 has proven to be a regulatory disaster for Thailand’s largest crypto exchange as it has faced multiple enforcement actions and fines worth hundreds of thousands of dollars. Thailand’s largest crypto exchange Bitkub has come under regulatory scrutiny from the country’s Securities and Exchange Commission (SEC) over falsifying and creating artificial trading volume on its platform.Thai SEC ordered legal action against the crypto exchange and two individuals alleging the crypto platform was involved in wash trading, a process where investors buy and sell the same assets at the same time....
The regulator had previously suspended the exchange following several brief outages due to extreme volume spikes. Bitkub, Thailand’s largest cryptocurrency exchange, resumed its services on Jan. 23 following a brief period of shutdown enforced by the country’s Securities and Exchange Commission. The shutdown followed a number of brief service outages which occurred due to large spikes in traffic when the price of Bitcoin (BTC) broke 1 million Thai baht ($33,340) earlier this month. The psychologically significant figure brought a huge influx of new investors to the site, which struggled to....