Bithumb\u2019s Hong Kong affiliates are reportedly facing a civil suit for breach of contract.<\/p>\n
According to a Tuesday report by the Korea Times, the suit is being initiated by a former Bithumb partner in Thailand, which is accusing the South Korean-headquartered exchange of unilaterally halting its business in Thailand and causing major losses. <\/p>\n
The Thai firm \u2014 which remains unnamed \u2014 is reportedly preparing to file a lawsuit against Bithumb\u2019s Hong Kong subsidiaries, including Bithumb Global Holdings and GBEX, as well as top company executives in July.<\/p>\n
According to the plaintiff firm, Bithumb\u2019s Hong Kong-based entities were allegedly involved in the company\u2019s previous plans to open a Bithumb exchange in Thailand. Some of the executives of these subsidiaries also hold high-level positions at Bithumb Korea, the plaintiff reportedly said.<\/p>\n
After founding an entity in Thailand back in 2018, Bithumb reportedly backed off on its plans in the country, allegedly causing significant damages to its Thailand partner. The plaintiff claims that Bithumb did not have any real intention to establish a crypto exchange in Thailand and that it attempted to sell its BXA coins by exaggerating the size of its global presence.<\/p>\n
\u201cAfter 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,\u201d the former Thai partner said. A spokesman for the firm noted that Bithumb Global Holdings and GBEX collectively own a 49% stake in the joint venture in Thailand and are fully-owned subsidiaries of Bithumb Korea.<\/p>\n
The plaintiff elaborated that they decided to file lawsuits against Bithumb\u2019s Hong Kong entities, as they are related to the Thailand issues more directly than other Bithumb subsidiaries.\u00a0<\/p>\n