- UpBit, the South Korean-based crypto platform has been forced to push out its foreign consumer base from its network.
- This comes after a number of regulatory changes as the company set up a new division in Thailand.
UpBit, the South Korean-based crypto platform has been forced to push out its foreign consumer base from its network. This comes after a number of regulatory changes as the company set up a new division in Thailand.
The platform has received approval from the securities and exchange commission in Thailand so that they can operate its crypto platform from within the nation.
The commission in Thailand has approved for four provisional licenses with the platform that will allow them to operate under four categories. This will include a cryptocurrency exchange, digital token exchange, cryptocurrency broker and a digital token broker.
The platform claims to be the first-ever business within the crypto space to have been granted licenses by the commission in Thailand. As they say, this puts in leaps and bounds ahead of other based operators in the country when it comes to the number of licenses.
The chief executive officer of the Thailand operation, Peeradej Tanruangporn has explained by the separate licenses are important for the future of the company.
“In Thailand, there are separate licenses for exchange and brokerage businesses. An exchange license allows a business to do order matching. A brokerage license allows operators to take a customer's order to another exchange for order matching.”