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Thai crypto investors turn to local exchanges after FTX collapse

Bitkub covers 75% of crypto trade in Thailand as competitors falter

Trading volume on Bitkub doubled to $139 billion on the day that global exchange Binance withdrew its offer to bailout its rival FTX.   © Reuters

BANGKOK -- Thai cryptocurrency investors scarred by the crash of 2022 have turned to locally regulated crypto exchanges, giving these trading hubs breathing space in the heavily distressed market.

Thai digital asset exchanges suffered a 79% drop in trading volume last year amid tighter macroeconomic conditions and scandals that eroded trust in the industry, according to crypto data compiler CoinGecko.

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