In Thailand, the biggest cryptocurrency exchange has just announced it is going to be shutting its doors by 30th September.
BX Thailand, otherwise known as BX.in.th and Bitcoin Co. Ltd. announced the news this week saying:
“Bitcoin Co. Ltd. has decided to discontinue offering digital exchange services and wallet services at our BX.in.th website in order to focus on other business opportunities. This means that after September 30th 2019 all trading on the BX.in.th will be stopped.”
What’s interesting is that the team have said that it will not reapply for a license to operate a trading platform in Thailand with the Securities and Exchange Commission. BX Thailand was one of the four exchanges in January this year to receive the first batch of licenses issued by the Thailand Commission.
The exchange added:
“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. After 1 November 2019, the company will continue to open the BX.in.th website only as a method for customers to contact the company about outstanding issues.”
So why are they shutting down the bitcoin & cryptocurrency exchange?
As reported by CCN, the exchange has a “volume of over $12 million for the BTC/THB (Thai baht) pair, accounting for 68 percent of the exchange’s volume. The platform also provides fiat pairings for XRP, Ethereum, and other major cryptocurrencies.”
Before the announcement, the exchange is said to have seen an overall decline in volume and interest as the overall volume in the cryptocurrency market dropped since early 2018.
The firm said:
“We thank our loyal customers for using our BX.in.th services over the past 5 years and trust you have been happy with the service provided. Please note that all fund are completely safe and all customers will receive 100% of their funds returned to them.”