Post By: CryptosHeadlines.com

In recent news, Thailand’s K-Bank has made a significant move by acquiring a majority stake in the parent company of the Satang cryptocurrency firm.Thailand’s Kasikorn Bank, often referred to as K-Bank, has made a major move in the digital asset space. They’ve successfully acquired 97% of the shares of Satang Corporation Co. Ltd’s parent company, which operates a digital asset exchange. This acquisition is valued at a substantial 3.705 billion Thai baht, equivalent to $102.8 million, and became effective on October 27.
Notably, the acquisition was executed through a new subsidiary of K-Bank called Unita Capital, which specializes in investments in digital asset companies in the Asian market.
K-Bank’s Strategic Move in the Crypto Space
With the completion of its acquisition of Satang Corporation, K-Bank is ready to embark on a new journey in the world of cryptocurrency. Satang will undergo a rebranding process, adopting the name Orbix, which will encompass three vital subsidiaries:
1. Orbix Invest: A digital asset fund manager.2. Orbix Custodian: Focusing on safekeeping and security.3. Orbix Technology: Devoted to blockchain tech development.
This strategic acquisition comes after K-Bank declared its intention to raise $100 million in funding earlier this year, emphasizing its commitment to Web3, fintech, and AI advancement.
K-Bank’s move into the crypto industry positions it in direct competition with Siam Commercial Bank (SCB), one of its major rivals. K-Bank aims to offer a comprehensive array of crypto-related services that are authorized in Thailand. Additionally, K-Bank has secured a crypto exchange license and is actively pursuing additional licenses in the crypto sector.
Thailand’s Crypto-Friendly Tax Changes
Thailand’s Tax Reforms: Earlier this year, Thailand unveiled its intentions to overhaul its income tax regulations for foreign earnings, starting in January 2024. By 2025, the country plans to introduce new tax reforms, displaying a welcoming stance toward cryptocurrencies.
Binance’s Move: In a significant development, Binance, the world’s largest crypto exchange, has secured a Digital Asset Operator license in Thailand. With the support of Gulf Innova Co. Ltd., Binance established Gulf Binance in Thailand in May of this year. This strategic partnership underscores the growing interest and acceptance of cryptocurrencies in Thailand.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Bitcoin #CryptoNews #KBank #Thailand #Orbix

. It is licensed by Thailand's Ministry of Finance and regulated by Thailand SEC.Thailand is making tax friendly trading experience. Thailand will also offer visa service in future.#gulf #binanc #Thailand #ThailandCrypto

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This fraudulent operation tricked more than 3,000 investors into putting their money into gold and USDT, a stable cryptocurrency.

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Thailand’s Cyber Crime Investigation Bureau (CCIB) has arrested four Chinese nationals and one individual from Laos in connection with a fraudulent cryptocurrency investment platform that swindled approximately $76 million (2.7 billion Baht) from local investors.

Fake Bitcoin Investment Scheme

The scammers operated under the guise of “BCH Global Ltd.,” posing as a Bitcoin investment platform. They deceived 3,280 residents who believed they were investing in gold and the USDT stablecoin. These individuals now face charges related to transnational crimes, public fraud, and money laundering.

The investigation was launched by Thailand’s CCIB in collaboration with Homeland Security Investigations and various international law enforcement agencies. It began after reports from affected investors who suffered losses through the website bchgloballtd.com in late 2022.

As of September 4, Thailand’s Anti-Money Laundering Office had seized assets valued at 585 million Baht. CCIB spokesperson Kissana Phathanacharoen reaffirmed the organization’s commitment to assisting victims in understanding their legal rights.

Reporting and Measures Against Online Scams

Victims of such scams can report their complaints through CCIB’s hotline or official website. In related efforts, Thailand’s Minister of Digital Economy and Society (MDES) has considered measures, including potential actions against Meta (formerly Facebook), to combat financial crimes, particularly those involving cryptocurrency. MDES noted that many users had fallen victim to scams, including fraudulent crypto investments, through advertisements on social media platforms.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Blockchain #Bitcoin #CryptoNews #cryptomarket #Thailand

In a shocking incident near Bangkok, a Thai man named Kritsada found himself behind bars after a heated argument with his wife, Pistamai, over the loss of their bitcoin investments escalated into violence. The dispute resulted in Kritsada shooting his wife in the leg before barricading himself inside their home for a tense six-hour standoff with the police. This alarming incident sheds light on the potential consequences of cryptocurrency investments and the impact they can have on individuals' lives.

Bitcoin Investment Dispute

The unfortunate incident began with a bitter dispute between Kritsada and his wife Pistamai over the loss of 700,000 baht (approximately $19,500) in bitcoin investments. While the exact nature of their investments remains unclear, it underscores the risks associated with the volatile cryptocurrency market. Thailand has witnessed a surge in crypto scams, with over 200,000 citizens falling victim to fraudulent schemes. The loss of their bitcoin holdings acted as the catalyst for the confrontation.

Terrifying Standoff

After shooting his wife in the leg during the argument, Kritsada took the drastic step of barricading himself inside their home. Fearing further violence, the police decided to negotiate with him rather than force entry. The six-hour standoff was a tense period for both the authorities and the neighborhood, highlighting the need for effective crisis management in such situations. Eventually, Kritsada surrendered to the police.

Fallout from the Incident

Following the incident, Kritsada faced serious charges, including attempted murder and unlicensed possession of a firearm and ammunition. His actions not only jeopardized his own life but also put his wife's safety at risk. This case serves as a stark reminder of the consequences individuals may face when their investments take a downturn and emotions run high.

Cryptocurrency Scams and Regulatory Concerns

The incident involving Kritsada and Pistamai is not an isolated one. It highlights the broader issue of cryptocurrency scams and the need for regulatory oversight. In late August, Thailand's Ministry of Digital Economy and Society issued a warning to Meta (formerly Facebook) about fraudulent crypto-related advertisements on its platform. The government's concerns about the proliferation of scams raise questions about the role of social media in promoting crypto investments and the potential dangers it poses to unsuspecting individuals.

In Summary

The harrowing incident involving Kritsada and Pistamai serves as a cautionary tale about the risks associated with cryptocurrency investments and the volatile nature of the market. It also underscores the importance of addressing crypto scams and promoting responsible investment practices. While cryptocurrencies offer opportunities for financial growth, they should be approached with caution and a clear understanding of the associated risks. This incident reminds us that investments should never be allowed to escalate to the point of violence, and disputes must be resolved through peaceful means.

#Thailand #cryptocurrency #bitcoin #Thai #BTC $BTC

Binance and its Thai partner Gulf Innova have secured digital asset operator licenses in Thailand to launch a new crypto exchange.Cryptocurrency exchange Binance continues expanding its global reach by securing new regulatory approvals in Thailand.Gulf Binance — a joint crypto venture of Binance and Gulf Energy’s innovation arm Gulf Innova — has received digital asset operator licenses from Thailand’s Ministry of Finance. The licenses enable the firm to operate a crypto exchange regulated by the country’s Securities and Exchange Commission.

Announcing the news on May 26, Binance said Gulf Binance is set to launch a new digital asset exchange in Thailand by Q4 2023.

The new crypto venture will combine Binance’s digital asset expertise with Gulf’s deep understanding of the Thai market. The companies have been closely working together for more than a year to explore the opportunity to launch a local digital asset exchange.

Thai billionaire Sarath Ratanavadi’s Gulf Energy first reached an agreement with Binance to study such an opportunity in January 2023.

“By harnessing Binance’s expertise together with Gulf’s established local presence and network, Gulf Binance aims to showcase the full potential of blockchain technology to meet the needs of Thai users,” Binance’s regional head of Asia, Europe and Mena, Richard Teng, said.

The executive also said Thailand has emerged as a crypto-friendly country, demonstrating a strong commitment to crypto and blockchain.

As previously reported, Gulf Energy is also known for making strategic investments in Binance’s United States-based arm Binance.US. In April 2022, the firm disclosed that it invested in “Series Seed Preferred Stock issued by BAM Trading Services,” which is the operator of Binance.US.

#Binance #Thailand #News #update