Popular cryptocurrency exchange Upbit has just announced it has opened a branch in Thailand, the Bangkok Post has reported.
According to the media, the crypto trading platform has entered the Thai market at an opportune time, as Bitkub, the country's largest exchange, is currently shut down by the country's regulators.
The launch of the joint cryptocurrency platform between Upbit APAC and a group of Thai billionaires took place on Wednesday.
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Notably, Upbit Thailand is owned by CP Group heir and Fortune magazine owner Chatchaval Jiaravanon and two other high-profile business magnates, Somphote Ahunai and Preecha Praipattaraku.
Bitkub, which had a 97% market share, has been Thailand's leading exchange since the closure of BX Thailand in September 2019. However, the platform is now closed by order of regulators as a result of a scandal related to outages at times of high demand in the market.
Upbit, whose headquarters are in South Korea, has operations in Singapore and Indonesia.