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Thai's top Crypto exchange shuts downs after 5 years of operations

Pooja
Pooja

Bitcoin Co. Ltd. (BX.in.th) crypto exchange, known for its largest crypto market in Thailand is closing after 5 years of its operations.

Thai’s top crypto exchange company which was regulated under Thai SEC quoted that they are ‘focusing on other business opportunities‘  without revealing any further details.

This announcement comes as surprise as to why the company decided to discontinue their digital asset trading services by the end of the month. The official statement highlights that they would disable all deposits after September 6 and stop trading services on September 30.

Furthermore, talking on funds withdrawal the exchange announced that,

We ask that all customers withdrawal any funds held at the BX.in.th website into their own 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 1st, 2019

In the purview of this the company has opened a support desk to handle any withdrawal challenges and exchange has also promised to keep customers funds safe and securely until all process has been complete.

For the record, BX.in.th is 24 hour volume standing at over $10 million worth. Despite having enjoyed a friendly working environment in Thailand, its still unknown as to why exchange took such stern decision.

What do you think of real reason behind the closure of this exchange? Will the shutdown effect global crypto market? Share your thoughts in the comment section below.

cryptoCrypto ExchangecryptoexchangeSECthai

Pooja

Lead writer at Wolfcone.com and avid reader. My interests lie in everything and anything related to technology. I firmly believe cryptocurrency has the power to revolutionize world economy and blockc