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Bitkub - Wikipedia
From Wikipedia, the free encyclopedia

Bitkub
Company typePrivate
IndustryBitcoin
Technology
Cryptocurrency
Blockchain
FoundedFebruary 5, 2018; 8 years ago (2018-02-05)
FounderJirayut Srupsrisopa
Headquarters
Bangkok, Thailand
Number of employees
500+
Websitehttps://www.bitkub.com/

Bitkub is a Thailand-based cryptocurrency exchange operated by Bitkub Online Co., Ltd. (Thai: บริษัทบิทคับ ออนไลน์ จำกัด) under its parent group Bitkub Capital Group Holdings (Bitkub Capital Co., Ltd.). The company was founded in 2018 by Jirayut Srupsrisopa and was among the first exchanges to receive a digital asset license from Thailand’s Securities and Exchange Commission (SEC) in 2019.[citation needed]

History

Jirayut Srupsrisopa, co-founder and CEO of Bitkub Capital, was among Thailand’s early entrepreneurs in the cryptocurrency sector. Before establishing Bitkub, he co-founded the Bitcoin wallet operator Coins.co.th, a partner of Philippines-based Coins.ph, which was acquired by Go-Jek in 2019.[1]

Bitkub was founded in February 2018 with a registered capital of 50 million baht, reportedly backed by mobile operator DTAC. By the end of the year, it had become Thailand’s second-largest digital currency exchange, after BX.in.th.[2][3]

In January 2019, Bitkub was among the first four exchanges to receive operating licenses from the Securities and Exchange Commission [th] (SEC), following the Ministry of Finance’s regulation of digital asset services.[4]

According to media reports, Bitkub’s revenue increased from 3 million baht in 2018 to 30 million in 2019 and 300 million in 2020,[2] reaching 3.28 billion during the first three quarters of 2021.[5] The exchange reportedly benefited from the closure of BX.in.th in 2019 and the increased interest in cryptocurrency trading during the late-2020 Bitcoin price surge. However, the surge in trading volume caused several system outages in January 2021, leading to a temporary suspension of services. The SEC instructed Bitkub to resolve its technical issues.[6] The regulator also ordered a suspension of new user registrations until Bitkub demonstrated system stability; the restriction was lifted in April 2021.[7]

In November 2021, Siam Commercial Bank Group announced an agreement to acquire a 51% stake in Bitkub Online for 17.85 billion baht (approximately $535 million), valuing Bitkub at over $1 billion.[5][8] The deal was later canceled in August 2022 after unresolved regulatory concerns.[9]

Bitkub has stated its intention to expand into other Southeast Asian markets.[10]

In December 2021, the SEC fined Bitkub a total of 3.9 million baht for eight violations, including system disruptions, inadequate customer support, non-compliance with trading rules, and improper handling of customer assets.[11][12]

References

  1. ^ Russell, John (January 18, 2019). "Go-Jek buys fintech startup Coins.ph for $72M ahead of Philippines expansion". TechCrunch. Retrieved December 11, 2021.
  2. ^ a b "From troublemaker to Thailand's first fintech unicorn – tracking Jirayut Srupsrisopa's crypto journey". Thai PBS World. December 6, 2021. Retrieved December 11, 2021.
  3. ^ Polkuamdee, Nuntawun (December 8, 2018). "For 'Topp', no use resisting the urge to coin money". Bangkok Post. Retrieved December 11, 2021.
  4. ^ Russell, John (January 9, 2019). "Thailand issues its first licenses to 4 crypto exchanges". TechCrunch. Retrieved December 11, 2021.
  5. ^ a b Nguyen, Anuchit (November 3, 2021). "Crypto Exchange Becomes Unicorn, Coin Surges 200% After Banking Giant Buys Stake". Bloomberg. Retrieved December 11, 2021.
  6. ^ Polkuamdee, Nuntawun; Chudasri, Darana (January 20, 2021). "Bitkub told to fix platform issues". Bangkok Post. Retrieved December 11, 2021.
  7. ^ Polkuamdee, Nuntawun (February 5, 2021). "SEC bars Bitkub from registering new clients". Bangkok Post. Retrieved December 11, 2021.
  8. ^ "Thai Siam Commercial Bank makes $537 mln acquisition in digital asset exchange Bitkub". Reuters. November 2, 2021. Retrieved December 11, 2021.
  9. ^ Polkuamdee, Nuntawun; Wiriyapong, Nareerat (August 26, 2022). "SCB X scraps Bitkub investment plan". Bangkok Post. Retrieved August 31, 2022.
  10. ^ "Bitkub plots expansion in bid to be Asia's Coinbase". Bangkok Post. Bloomberg. December 1, 2021. Retrieved December 11, 2021.
  11. ^ "ก.ล.ต. สั่งปรับ"บิทาซซ่า-บิทคับ-สตางค์"". Krungthep Turakij (in Thai). December 24, 2021. Retrieved January 16, 2022.
  12. ^ "Digital asset firms hit with huge fines for insecure transactions, deposits". December 24, 2021. Retrieved January 16, 2022.
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