Crypto exchange Upbit has reportedly set its foot on the Thai market, during a time where the nation’s top-tier exchange – Bitkub – is still under prohibition from the authority to be normally functional.
Specifically, a crypto exchange platform – a joint project built by Upbit APAC and numerous local billionaires – has reportedly been deemed operational, starting January 20th.
The exchange was reportedly rolled out when the ban, regulatory-wise, on Thailand’s well-known exchange platform Bitkub – previously amassed 97% of the overall market – is still in effect.
Upbit Thailand is reportedly under the possession of CP Group heir and owner of Fortune magazine Chatchaval Jiaravanon, along with two big names with significant business influence – Somphote Ahunai and Preecha Praipattaraku.
CP Group is reportedly the most major Thai-based conglomerate, managing most of the nation’s food supply, and is associated with a vast array of sectors, from government infrastructure projects to telecoms to vaccines for the global pandemic, and now crypto.
Board member of Upbit Thailand, Praipattaraku, reportedly disclosed the firm’s submission to secure a crypto asset exchange license from the Thai SEC a few months earlier.
“It’s a coincidence we received permission from the Securities and Exchange Commission at this time.”
Bitkub has reportedly been establishing itself as a top exchange in Thailand, since BX Thailand was shut down in September 2 years ago.
The financial regulator reportedly ordered the exchange to cease its offerings and deal with problems, regarding numerous recent outages during periods of high demand.