Top Crypto Exchange in Thailand Suddenly Shuts Down
One of Thailand’s major crypto exchanges, BX.in.th, revealed today that it will be closing its services permanently in September.
According to an announcement published today, the BX crypto exchange will be stopping all of its digital asset trading services by the end of the month.
The company behind the exchange, Bitcoin Co. Ltd, gave no detailed explanation for the sudden closure, stating that it was only “focusing on other business opportunities.”
According to the site’s announcement, users will not be able to make deposits after September 6, and all trading activities will be ceased on September 30. Customers have also been instructed to withdraw their funds from the exchange before November 1.
“We ask that all customers to withdraw any funds held at the BX.in.th website into their bank account or digital wallet. The company will not be seeking to hold an SEC issued Digital Asset Exchange license for the year 2020, and we ask all customers to withdraw their funds before November 1, 2019. “
BX was among the few exchanges that were fully licensed to offer crypto trading services in Thailand. Three other exchanges received trading licenses from Thailand’s SEC at the beginning of this year. Because of its licensing, the community does not suspect the closure was due to any regulatory pressures.
In regards to Thailand’s governmental stance on crypto, there have been no recent developments or crackdowns on crypto asset trading in recent months, and it seems that the country is rather open to the industry. Other than the warnings from the central bank regarding crypto scams, there have been no other indicators to suggest a hostile attitude from government or financial institutions.
Because of the unexpected shutdown, Bitkub, another Thai-regulated crypto exchange, was flooded with traffic today, and was unavailable for the time being.
BX.in.th had been activating in the crypto space for five years and was the most popular crypto exchange in Thailand. Thus, the users could buy and sell bitcoin, recording daily volumes of nearly $17 million according to Coinmarketcap data.
Currently, the platform sold bitcoin at a price of $9,000 (277,000 THB), which is 8% less than its value on the global market.
Featured image: CoinWire