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Thailand’s Leading Cryptocurreny Exchange To Shut Down Operations

Thailand’s leading cryptocurrency exchange Bitcoin Co. Ltd. (BX.in.th) is shutting down its trading operations after five years of service.

On September 2, the exchange announced its decision to discontinue trading later this month. The official website of the exchange states that this decision was taken “in order to focus on other business opportunities.” The exchange did not give details.

Bitcoin Co. Ltd. was regulated by Thailand’s Securities and Exchange Commission (SEC). The exchange states that it will not seek to get a Digital Asset Exchange license for the year 2020.

Customers have been requested to withdraw their funds before November 1, 2019. The exchange has assured its users that support and guidance will be available during the fund withdrawal process. It also assured the customers that the funds were safe and would be duly returned to all the owners. The exchange also thanked its customers for using BX.in.th services and for their loyalty over the past five years.

According to the website, all deposits will be disabled after September 6.  Trading will be halted on Sept. 30. Bitcoin Co. Ltd’s recent 24-hour volume was said to be above 10 million dollars. It had the majority in Bitcoin.

While Bitcoin Co. Ltd. is closing its doors, the Customs Department in Thailand intends to use IBM’s Tradelens blockchain solution to track shipping in the country’s ports.

Patama Chantaruck, managing director of IBM Thailand, said that IBM’s TradeLens will provide the Thai Customs Department with an automatic and immutable tracking tool. This will lead to a more secure, transparent, efficient and simple workflow.

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About Shreya Kapoor

20 y/o budding journalist, with a tinge of good vocabulary.

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