Bitkub is a small Thailand-based crypto exchange, where users buy, sell and store bitcoin, ether, and other cryptocurrencies with the local currency, Thai Baht. The exchange offer 26 listed coins.
Bitkub was founded in 2018 by Jirayut Srupsrisopa (Linkedin) and was among the first exchanges to receive a digital asset license from the country’s Securities and Exchange Commission (SEC), in 2019.
In terms of protecting its users, Bitkub declares to be a full reserve, as well as guarantees 100% deposit funds will be kept well and never used for other purposes. Additinally, a significant (but undeclared) amount of capital is currently frozen by Bitkub with the aim of being available in case unexpected situations occur, such as a hacker attack.
Among the fiat currencies, only the Thai Baht is represented. All major deposit and withdrawal options, including e-wallets and bank accounts, are available here, plus KYC verification.
Bitkub also offers a whistleblower program, where stakeholders, as well as employees, have the opportunity to report wrongdoings around the company so that they can be investigated by an independent team.
In November 2021, Siam Commercial Bank Group announced an acquisition in which it will purchase a 51 percent stake in Bitkub for 17.85 billion baht ($535 million), bringing the company’s total valuation to over $1 billion and making it one of Thailand’s first unicorn startups.
In June 2022, an announcement was made on the Bitkub Facebook fan page regarding a fine from the SEC due to the fabrication of the trading volume of digital assets on the exchange.
The incident (Article) occurred in 2019, i.e. in the company’s initial phase. In total, Bitkub had to pay a fine of 3.9 million baht.
In July 2022, the Securities and Exchange Commission (SEC) directed Bitkub Online to review the presence of its KUB coin on the exchange after determining that it did not meet regulatory requirements and criteria for listing.
We place BitKub on our “Orange Compliance” list due to recurring compliance issues and average customer ratings.