Saturday, February 4, 2023

Bithumb’s Former Thai Partner Sues Its Hong Kong Subsidiaries

A civil lawsuit has been filed against Bithumb’s Hong Kong partner for contract violation. 

The Korean Times published a report, notifying that the lawsuit was filed by the former Thai partner of Bithumb, who blamed, the South Korea-based crypto exchange for unilaterally halting its business in Thailand and causing major losses. 

The report further mentioned that it was not the first lawsuit by Bithumb’s former partner in Thailand, earlier, in September 2020, the company filed a case against the executives and major shareholders of the exchange.

Notably, the Thai firm is planning to register a case against Bithumb’s Hong Kong Subsidiaries, which includes, Bithumb Global Holdings (BGH) and GBEX, in July.

In 2017, Bithumb approached the potential local businesses in Thailand and Japan to expand its operation overseas. 

However, the former Thai partner claims that Bithumb never wanted to open a crypto exchange in the country, in fact, it formed local entities in 2018. 

The Thai firm further alleged that Bithumb exaggerated its international presence by collaborating with local institutions in other countries, to sell BXA tokens.

“After Bithumb stopped its BXA coin business, its Thai operation became unnecessary, so the company ended its business in Thailand unilaterally, causing serious damage to us,” the former Thai partner told the Korean publication. 

He further added that BGH and GBEX collectively own a 49 percent stake in the joint venture in Thailand, and are wholly-oned subsidiaries of Bithumb Korea. 

The plaintiff took action against Bithumb’s Hong Kong subsidiaries because it was directly related to Thailand’s issues. 

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