Bitcoin Co. Ltd. says it will be shutting down its cryptocurrency exchange service in a shock move for a country that is seeing increasing levels of crypto commerce. There is no word yet on the reasons behind the decision but the company reportedly plans to pivot towards other business areas.
Bitcoin Co. Ltd. Shutters Abruptly
In a statement published on its website, the operators of the BX.in.th Bitcoin exchange platform announced plans to shutter its services. According to the statement, the crypto bourse will end all trading activities by September 30, 2019.
Consequently, the platform urged customers to withdraw their funds before November 1, 2019. The statement also revealed that BX.in.th will not honor any deposit requests after September 6, 2019.
Once the shut down is complete by November 1, 2019, the company says the website will serve only as a platform for customers to get in touch with the company. Bitcoin Co. Ltd. reassured its users of the absence of any problem stating:
“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 funds are completely safe and all customers will receive 100% of their funds returned to them.”
The news of the decision to shut down comes after five years of operating in the country. BX.in.th is one of the largest Bitcoin exchanges in Thailand.
Data from CoinMarketCap shows the platform’s 24-hour trading volume standing at over $10 million.
As part of the announcement, Bitcoin Co. Ltd. says it has no plans of renewing its Digital Asset Exchange license. Following the shuttering of its Bitcoin bourse, the company says it has designs on other business ventures.
Thailand like many countries in Southeast Asia has recently taken to creating an enabling environment for crypto-related businesses. Since the start of 2019, regulators have been granting Bitcoin exchange licenses and laying the groundwork for regulated initial coin offerings (ICOs).
The country’s stock exchange has even ventured into the market, announcing plans for a digital asset trading platform. Meanwhile, the country’s Securities and Exchange Commission (SEC) has also created a framework for the issuing and trading of tokenized securities.
Unlike in places like India and South Korea, this news of a crypto exchange shutting down appears less to do with an unfavorable regulatory environment. BTCManager will continue to monitor the developing story, providing updates along the way.