Bitkub
Bitkub runs Thailand's largest licensed crypto exchange, trading baht for bitcoin and other tokens.
On the record
Checkpoint: Thai SEC ruling on investor complaint alleging 40M+ baht in losses
The call
Bitkub still leads Thai crypto trading on license and banking ties, but a cheaper, better-funded Binance joint venture and open SEC scrutiny are chipping at that lead.
Bitkub runs Thailand's biggest licensed crypto trading platform, letting people buy and sell digital coins using Thai bank accounts. It looked hard to replace because it had 77% of the market and deep ties to Thai banking, but Binance just entered Thailand in early 2024 with a local partner and charges half as much (0.1% instead of 0.25%), which is already stealing customers away. A history of compliance problems, including fines for wash trading and a failed bank merger, plus pending complaints from investors who lost money make the company look weaker just when it faces a richer rival willing to undercut on price.
Why
01
AI pressure: None apparent. AI trading bots could compress spreads on any exchange, but no AI-native rival is named as eating Bitkub's business today. Could AI do the core job? Unlikely.
02
Bigger players: Binance, via its licensed Gulf Binance joint venture in Thailand. Gulf Binance launched in January 2024 at 0.1% fees against Bitkub's 0.25%, pulling share from Bitkub's historical 90% toward 77%. Could a giant copy it? Probably.
03
What protects it. Bitkub still holds the Thai SEC exchange license, deep PromptPay and THB banking rails, and roughly 77% of local trading volume.
What would change this call
Bitkub's market share vs Binance TH falls below 70% or 50% in reports over the next year. Would show the fee war is actively costing Bitkub customers, not just stabilizing.
Outcome of the March 2026 Thai SEC investor complaint (40M+ baht alleged losses). Would show whether compliance troubles trigger fines or license risk that push users to rivals.
Bitkub cuts its 0.25% trading fee toward Binance TH's 0.1% level. Would show Bitkub is sacrificing margin to defend its customer base.
Outcome of the March 2026 Thai SEC investor complaint (40M+ baht alleged losses). Would show whether compliance troubles trigger fines or license risk that push users to rivals.
Bitkub cuts its 0.25% trading fee toward Binance TH's 0.1% level. Would show Bitkub is sacrificing margin to defend its customer base.
Key numbers
- ~77% Thai market share in 2024, down from ~90% historically
- Binance TH fee: 0.1% vs Bitkub's 0.25%
- Headcount fell to 1,397 in 2025 from 1,477 in 2024
Named risks
- Active March 2026 SEC investor complaint over alleged 40M+ baht losses, outcome pending.
- Market share erosion from ~90% to ~77% as Binance TH undercuts fees since Jan 2024.
- History of Thai SEC enforcement including 2022 insider-trading and wash-trading fines.
- Reputational exposure from unverified hack rumors and Feb 2026 phishing incident.
- Unresolved third-party data conflict over ownership status post-2022 SCBX termination.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Binance TH / Gulf Binance | gaining on | Launched Jan 2024 with 0.1% fee, Bitkub share fell from ~90% to ~77% by 2024 |
| Bitazza | contesting | OTC desk and ASEAN cross-border network competing for Thai crypto volume |
| Orbix (formerly Satang Pro, KBank-backed) | contesting | Bank-backed licensed rival exchange in Thailand as of 2024 |
| Zipmex | gaining on | Zipmex suspended trading in Nov 2022 amid insolvency, much diminished vs Bitkub |
Questions people ask
- Is Bitkub profitable in 2026?
- No audited 2026 figures are public. Bitkub reported a net gain of about 5 billion baht for full-year 2021, and a third-party estimate (Datanyze, undated) puts current annual revenue near $310.5 million, but that figure is unverified against audited filings.
- Who owns Bitkub?
- Bitkub is privately held under Bitkub Capital Group Holdings. A 2021 deal for Siam Commercial Bank's SCB Securities to buy 51% for 17.85 billion baht ($536M) was terminated by mutual agreement on 25 August 2022, so Bitkub remains independently owned as of 2026.
- Is Bitkub losing market share to Binance?
- Yes. Binance TH (Gulf Binance) launched in Thailand on 16 January 2024 charging 0.1% fees versus Bitkub's flat 0.25%, and Bitkub's market share has since eroded from roughly 90% historically to about 77% in 2024.
- Was Bitkub hacked in 2026?
- A viral February 2026 social media panic claimed a major hack, but Thai regulators investigated and found no evidence of a systemic breach as of 7 February 2026. Separately, Bitkub disabled website crypto withdrawals on 10 February 2026 after a 250,000 baht phishing/malware theft.
- Could AI replace Bitkub?
- Unlikely soon. Bitkub's Thai SEC license, Ministry of Finance registration, and THB/PromptPay fiat rails form a regulatory and distribution moat that AI-driven trading software cannot replicate; as of 2026 its AI use is limited to PhishFort-based phishing takedown automation, not core exchange replacement.
- Who is Bitkub's biggest competitor?
- Binance TH, operated locally as Gulf Binance via a joint venture with Gulf Energy, launched 16 January 2024 with fees 60% lower than Bitkub's 0.25%, becoming the most direct licensed threat to Bitkub's roughly 77% Thai market share as of 2024.
Timeline
- 2026-07-01Bitkub activates Stable Network for USDT as additional transfer rail
- 2026-03-24About 40 investors file SEC complaint alleging 40M+ baht combined losses
- 2026-02-10Bitkub permanently disables website crypto withdrawals after phishing theft
- 2026-02-07Thai regulators find no systemic breach after viral hack panic
- 2025-10Bitkub Blockchain Technology launches THBK programmable payment token in BOT sandbox
- 2025-04-24Bitkub suspends referral program for SEC compliance
- 2025-02-03Bitkub implements mule-account management policy against money laundering
- 2024-01-16Binance TH (Gulf Binance) launches in Thailand with 0.1% fees
- 2022-08-25SCBX terminates $536M Bitkub acquisition deal by mutual agreement
- 2021-11-02SCB Securities announces 51% Bitkub stake purchase for $536M
Revision history
21 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Bitkub
- Thailand's Oldest Bank Acquires Majority Stake (2021-11-02)
- SCBX and Bitkub Capital Group Holdings reached mutual agreement to terminate (2023-08-17)
- Top Crypto Exchanges in Thailand, by Market Share
- Binance launches in Thailand, challenges dominant local exchange Bitkub (2024-01-16)
- Management and Employees List
- How many employees work at Bitkub Online? (2025-12)
- Thai SEC Fines Bitkub Executive $235K for Insider Trading (2023-05-11)
- Thai Regulator Fines Bitkub, Its CEO for Trading Irregularities (2022-06-30)
- Bitkub to Terminate Web-Based Withdrawals Following 250,000 THB 'Phishing' Theft (2026-02-07)
- Crypto Portfolio Drops from 6.5 Million to 40,000 Baht (2026-03-24)
- Unverified Bitkub 'Hack' Claims Spark Social Media Panic (2026-02-07)