Coin Asset — a Thailand based crypto exchange which has been ordered to shut down operation by the country’s top financial organisation— (Thai SEC and the Ministry of Finance), has rejected the rulings of the ministry and plans to keep its shop open. According to the chief strategy officer of the exchange, “Shutting down is not an option”.
Thailand’s Ministry of Finance Revokes Temporary Approval
According to a recent announcement, Thailand’s Ministry of Finance, under the recommendation of the SEC board, has rejected the application of Coin Asset Co. Ltd. to operate a crypto exchange within the country.
Although the company was allowed to operate its exchange while its application was under review, the agencies have decided to revoke the right originally given to it to run an exchange in the country. The Ministry of Finance has ordered the exchange to seize operation by 21-Jan-2018.
The regulators have also made it known that minimum time allowed before the exchange can reapply for a license is four months. So even if Coin Asset is planning to apply for a new licensing, they will need to halt their operation for four months.
Coin Asset Plans to Stay Open Pending Next Review
The exchange’s CEO, Sivanus Yamdee, is, however, taking no for an answer and he is planning to have a talk with the SEC to discuss plans to keep the exchange operational before its next licensing review.
Yamdee confirmed this in a recent statement which reads:
“We are seeking a way to keep our digital asset exchange operating as the business cycle is moving towards a peak. We are unable to endure such as long processing time. The business cycle is on the rise and there are costs associated with conducting daily business. It is not an easy tax to maintain customer loyalty.