Thailand’s crypto exchange Bitkub to go public in Hong Kong

abdelaziz Fathi

Thailand’s largest cryptocurrency exchange Bitkub plans to list in Hong Kong bourse as early as 2024, its CEO told the South China Morning Post (SCMP) during a regional economic forum.

Citing geographical location, sound rule of law and high liquidity in stock markets, Jirayut Srupsrisopa, founder and CEO of Bitkub Capital Group, said these are the reasons for choosing Hong Kong over New York. However, he expects that Western companies will continue to prefer New York when they go public.

“I think our strength is in the southeast Asian region. So it’s better to be connected to the market closer to home,” he said during an interview at the Asia-Pacific Economic Cooperation (Apec) summit.

According to Srupsrisopa, Hong Kong’s markets enjoy deeper liquidity when compared to Singapore, but urged authorities to further embrace the new technologies and speed up reforming its legal framework for digital asset platforms.

“Hong Kong has always been a leader in the financial space. But to keep the momentum going and to stay the leader, you guys should have freer and more open regulations and be more receptive to embracing new technologies,” the entrepreneur said.

Commenting on the recent crash of FTX, Srupsrisopa said: “A few centralised companies mishandling customers’ funds, or having very bad governance doesn’t mean that cryptocurrency is bad, right? Cryptocurrency is actually a much better product. And customers will always choose what is best for them.”

Bitkub’s remark come at a time when Thailand’s regulators target his Bangkok-based cryptocurrency exchange over allegations of inaccurate reporting and wash trading on its platform.

In its order, the commission said authorized agents of Bitkub sought to intentionally give the appearance of inflated trading interest by placing matching buy and sell orders through a prohibited practice called wash trading, where trades are executed without transferring ownership of an asset.

Perhaps the biggest setback to Bitkub was when Thailand’s oldest lender, Siam Commercial Bank, cancelled its plan to acquire a 51% controlling stake in the cryptocurrency exchange for roughly 18 billion baht ($500 million).

The deal to buy a majority stake in Bitkub has been already stuck in due diligence more than 10 months since the bid was originally unveiled back in November 2011. The deal had valued Bitkub at more than $1.0 billion, making it the latest unicorn in a country once seen as barren in terms of startups.

Read this next

Retail FX

Interactive Brokers adds 680k accounts, daily trades hit two-year high

Interactive Brokers LLC (NASDAQ: IBKR) recorded 2.44 million daily average revenue trades (DARTs) in February 2024, marking a notable increase from the 2.2 million transactions observed in the previous month. This figure represents the highest DARTs reported in two years, indicating an 11 percent monthly surge and a 15 percent year-on-year rise.

Retail FX

Financial Commission adds Ultima Markets to membership roster

Multi-asset brokerage firm Ultima Markets, operating under the trading name Ultima Markets Ltd, has been granted membership of the Financial Commission, marking the most recent inclusion into the ranks of the self-regulatory organization.

Digital Assets

Bitcoin hits fresh record high amid massive short squeeze

Bitcoin has surged to record highs against both the euro and the pound, hitting €60,447 and £51,736 respectively on Coinbase. The primary cryptocurrency has seen an almost 7% increase in the past 24 hours.

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

Opinion

Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

<