Thailand’s largest crypto exchange BX.in.th shut down services according to the data published by CoinGecko which we are reading further in the coming altcoin news below.
The announcement for the shutting down of the crypto services was published by the platform and the company stated:
“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.’’
The team of Thailand’s largest crypto exchange stated that they will not reapply for a license in order to operate a crypto trading platform in Thailand with the Securities and Exchange Commission. This exchange was one of the four exchanges this year to receive a license issued by the SEC in Thailand. The exchange operator 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.”
According to CoinGecko, BX Thailand has a volume of more than $12 million for the BTC/THB pair and the platform also provides fiat pairings for XRP, Ethereum, and other major cryptocurrencies. The exchange mainly focused on the local cryptocurrency exchange market in Thailand but it also managed to compete against huge exchanges in major cryptocurrency markets such as Japan’s BitFlyer in daily volume. The daily volume spiked on September 2 after the abrupt announcement to shut down the services before the month ends. Before that, the crypto exchange stated that they received an overall decline in volume in interest as the overall volume on the market dropped since 2018.
The decline in volume and low fees could have created a rough environment for the company in order to it to sustain the operations over a longer period of time. As per the reports in the latest cryptocurrency news, we can read that the company stated:
“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.’’
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